Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 4 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

                               
            September 30, 2021    
    Estimated life       Accumulated    
    in years   Gross amount   Amortization   Net
Intangible assets not subject to amortization                                     
Goodwill     Indefinite     $ 6,610,021     $     $ 6,610,021  
Trademarks     Indefinite       529,268             529,268  
                                 
 Total intangible assets not subject to amortization             7,139,289             7,139,289  
Intangible assets subject to amortization                                
Customer lists     7       2,614,099       833,147       1,780,952  
ABC acquired contracts     5       310,000       304,835       5,165  
SIAS acquired contracts     5       660,000       649,000       11,000  
Non-compete agreements     4       272,147       272,147        
Website and Digital Assets     3       33,002       3,924       29,078  
Total intangible assets subject to amortization             3,889,248       2,063,053       1,826,195  
Total Goodwill and Intangible Assets           $ 11,028,537     $ 2,063,053     $ 8,965,484  

 

Scheduled amortization over the next three years are as follows:

 

         
Twelve months ending September 30,    
2022     $ 292,754  
2023       276,587  
2024       273,439  
2025       267,143  
Thereafter       716,272  
Total     $ 1,826,195  

 

Amortization expense for the nine months ended September 30, 2021 and 2020 were $238,474 and $145,500 respectively.