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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Sep. 30, 2022
GOODWILL AND INTANGIBLE ASSETS |
GOODWILL AND INTANGIBLE ASSETS | NOTE 5 – GOODWILL AND INTANGIBLE ASSETS For the years ended September 30, 2022, and 2021, goodwill was approximately $92.8 and $0, respectively (See Note 4 – Acquisition of Bollinger Motors, Inc.). The Company website development, trademark and patents costs were $93.9 million and $2.5 million as of September 30, 2022 and 2021, respectively. These costs historically have been capitalized. The weighted average useful life of intangible assets is 9.73 years. Identifiable intangible assets with definite lives are amortized over the period of estimated benefit using the straight-line method and the estimated useful lives. The straight-line method of amortization represents management’s best estimate of the distribution of the economic value of the identifiable intangible assets. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 |  | September 30, 2021
​ |  | Gross |  | ​ | ​ |  | Net |  | Gross |  | ​ | ​ |  | Net
​ |  | Carrying |  | Accumulated |  | Carrying | ​ | Carrying |  | Accumulated |  | Carrying
Finite-Lived Intangible Assets |  | Amount | ​ | Amortization |  | Amount |  | Amount | ​ | Amortization |  | Amount
Website design and development | ​ | $ | 2,660,391 | ​ | $ | (1,108,496) | ​ | $ | 1,551,895 | ​ | $ | 2,660,391 | ​ | $ | (221,699) | ​ | $ | 2,438,692
Intellectual property | ​ |  | 58,375,794 | ​ |  | (438,581) | ​ |  | 57,937,213 | ​ |  | 71,182 | ​ |  | (69,205) | ​ |  | 1,977
Patents | ​ | ​ | 32,391,186 | ​ | ​ | (204,109) | ​ | ​ | 32,187,077 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Other | ​ | ​ | 1,820,994 | ​ | ​ | (16,175) | ​ | ​ | 1,804,819 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Trademark | ​ |  | 466,014 | ​ |  | — | ​ |  | 466,014 | ​ |  | 54,590 | ​ |  | — | ​ |  | 54,590
Total Finite-Lived Intangible Assets | ​ | $ | 95,714,379 | ​ | $ | (1,767,361) | ​ | $ | 93,947,018 | ​ | $ | 2,786,163 | ​ | $ | (290,904) | ​ | $ | 2,495,259
​ Total future amortization expense for finite-lived intangible assets are as follows: ​
​ | ​ | ​ | ​
Years Ended September 30, 2022 |  | Future Amortization
2023 | ​ | $ | 10,213,071
2024 | ​ |  | 9,991,372
2025 | ​ | ​ | 9,326,274
2026 | ​ | ​ | 9,326,274
2027 | ​ | ​ | 9,326,274
Thereafter | ​ |  | 45,297,740
Total Future Amortization | ​ | $ | 93,481,005
​ For the years ended September 30, 2022, and 2021, amortization for the intangible assets was $1,476,457 and $245,427 respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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