7. Intangible Assets

Licenses obtained by the Company in the acquisitions of Multigioco include a Gioco a Distanza (“GAD”) online license as well as a Bersani and Monti land-based licenses issued by the Italian gaming regulator to Multigioco.

Intangible assets consist of the following:

The Company recorded $839,060 and $1,162,438 in amortization expense for finite-lived assets for the nine months ended September 30, 2023 and 2022, respectively.

The estimated amortization expense over the next five-year period is as follows:

The Company evaluates intangible assets for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value and the impairment is deemed to be permanent in nature.