General form of registration statement for all companies including face-amount certificate companies

Goodwill and Intangible Assets

v3.20.4
Goodwill and Intangible Assets
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill and Intangible Assets

Note 4 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

    Estimated   September 30, 2020
    life
in years		   Gross amount   Accumulated Amortization   Net
Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 3,015,700     $ —       $ 3,015,700  
Trademarks     Indefinite       294,268       —         294,268  
Total intangible assets not subject to amortization             3,309,968       —         3,309,968  
Intangible assets subject to amortization                                
Customer lists     5-15       897,274       897,274       —    
ABC acquired contracts     5       310,000       242,833       67,167  
SIAS acquired contracts     5       660,000       517,000       143,000  
Non-compete agreements     4       272,147       272,147       —    
Total intangible assets subject to amortization             2,139,421       1,929,254       210,167  
Total Goodwill and Intangible Assets           $ 5,449,389     $ 1,929,254     $ 3,520,135  

 

Scheduled amortization over the next two years as follows:

 

Twelve months ending September 30,      
2021   $ 194,000  
2022     16,167  
Total   $ 210,167  

 

Amortization expense for the nine months ended September 30, 2020 and 2019 were $145,500 and $148,000 respectively. 

Note 4 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 3,015,700     $ —     $ 3,015,700  
Trademarks     Indefinite       294,268       —       294,268  
    Total intangible assets not subject to amortization             3,309,968       —       3,309,968  
Intangible assets subject to amortization                                
Customer lists     5 - 15       897,274       897,274       —  
ABC acquired contracts     5       310,000       196,334       113,666  
SIAS acquired contracts     5       660,000       418,000       242,000  
Non-compete agreements     4       272,147       272,147       -  
Total intangible assets subject to amortization             2,139,421       1,783,755       355,666  
Total Goodwill and Intangible Assets           $ 5,449,389     $ 1,783,755     $ 3,665,634  

 

Scheduled amortization over the next two years as follows:

 

Years ending December 31,      
2020   $ 194,000  
2021     161,666  
Total   $ 355,666  

 

Amortization expense for the years ended December 31, 2019 and 2018 were $196,779 and $197,333 respectively.