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Note 9 - Goodwill and Intangible Assets | 6 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
9. | GOODWILL AND INTANGIBLE ASSETS
Goodwill is attributable to the acquisitions of Genasys Spain, Zonehaven, Evertel, and the Amika Mobile asset purchase and is due to combining the integrated critical communications, mass messaging solutions and software development capabilities with existing hardware products for enhanced offerings and the skill level of the acquired workforces. The Company periodically reviews goodwill for impairment in accordance with relevant accounting standards. As of March 31, 2024 and September 30, 2023, goodwill was $13,251 and $10,282, respectively. During the six months ended March 31, 2024, $2,923 was added to goodwill as a result of the Evertel acquisition. There were no additions or impairments to goodwill during the twelve months ended September 30, 2023. The changes in the carrying amount of goodwill by segment as of March 31, 2024, were as follows:
|  | Hardware |  |  | Software |  |  | Total |
Balance as of September 30, 2023 |  | $ | - |  |  | $ | 10,282 |  |  | $ | 10,282 |
Acquisitions |  |  | - |  |  |  | 2,923 |  |  |  | 2,923 |
Currency translation |  |  | - |  |  |  | 46 |  |  |  | 46 |
Balance as of March 31, 2024 |  | $ | - |  |  | $ | 13,251 |  |  | $ | 13,251 |
The changes in the carrying amount of intangible assets by segment as of March 31, 2024, were as follows:
|  | Hardware |  |  | Software |  |  | Total |
Balance as of September 30, 2023 |  | $ | 17 |  |  | $ | 8,410 |  |  | $ | 8,427 |
Acquisitions |  |  | - |  |  |  | 2,550 |  |  |  | 2,550 |
Amortization |  |  | (1 | ) |  |  | (1,238 | ) |  |  | (1,239 | )
Currency translation |  |  | - |  |  |  | 5 |  |  |  | 5 |
Balance as of March 31, 2024 |  | $ | 16 |  |  | $ | 9,727 |  |  | $ | 9,743 |
Intangible assets and goodwill related to Genasys Spain are translated from Euros to U.S. dollars at the balance sheet date. The net impact of foreign currency exchange differences arising during the period related to goodwill and intangible assets was an increase of $51. The Company’s consolidated intangible assets consisted of the following:
|  | March 31, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Technology |  | $ | 14,232 |  |  | $ | 11,930 |
Customer relationships |  |  | 2,062 |  |  |  | 1,790 |
Trade name portfolio |  |  | 610 |  |  |  | 605 |
Non-compete agreements |  |  | 227 |  |  |  | 223 |
Patents |  |  | 72 |  |  |  | 72 |
|  |  | 17,203 |  |  |  | 14,620 |
Accumulated amortization |  |  | (7,460 | ) |  |  | (6,193 | )
|  | $ | 9,743 |  |  | $ | 8,427 |
As of March 31, 2024, future amortization expense is as follows:
Fiscal year ending September 30, |  |  |  |
2024 (remaining six months) |  |  | 1,238 |
2025 |  |  | 2,357 |
2026 |  |  | 2,222 |
2027 |  |  | 2,048 |
2028 |  |  | 1,220 |
Thereafter |  |  | 658 |
Total estimated amortization expense |  | $ | 9,743 |
Amortization expense was $619 and $526 for the three months ended March 31, 2024 and 2023, respectively. Amortization expense was $1,239 and $1,058 for the six months ended March 31, 2024 and 2023, respectively.

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