| Goodwill and Intangible Assets |
Note 4 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| |
|
|
|
June 30, 2019 |
| |
|
Estimated life
in years |
|
Gross amount |
|
Accumulated
Amortization |
|
Net |
| |
|
|
|
|
|
|
|
|
| Goodwill |
|
Indefinite |
|
$ |
3,015,700 |
|
|
$ |
N/A |
|
|
$ |
3,015,700 |
|
| Intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks |
|
Indefinite |
|
|
294,268 |
|
|
|
N/A |
|
|
|
294,268 |
|
| Customer lists |
|
5 - 15 |
|
|
897,274 |
|
|
|
897,274 |
|
|
|
0 |
|
| ABC acquired contracts |
|
5 |
|
|
310,000 |
|
|
|
165,333 |
|
|
|
144,667 |
|
| SIAS acquired contracts |
|
5 |
|
|
660,000 |
|
|
|
352,000 |
|
|
|
308,000 |
|
| Non-compete agreements |
|
4 |
|
|
272,147 |
|
|
|
271,036 |
|
|
|
1,111 |
|
| Total intangible assets |
|
|
|
|
2,433,689 |
|
|
|
1,685,643 |
|
|
|
748,046 |
|
| Total Goodwill and Intangible Assets |
|
|
|
$ |
5,449,389 |
|
|
$ |
1,685,643 |
|
|
$ |
3,763,746 |
|
Scheduled amortization over the next three years as follows:
| For the Twelve Months ending June 30, |
|
|
| 2020 |
|
$ |
195,111 |
|
| 2021 |
|
|
194,000 |
|
| 2022 |
|
|
64,667 |
|
| Total |
|
$ |
453,778 |
|
Amortization expense for the six months ended June 30, 2019 and
2018 was $98,667 and $98,667, respectively.
|