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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2022

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.