| Goodwill and Intangible Assets |
Note 4 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| |
|
|
|
March 31, 2021 |
| |
|
Estimated life |
|
|
|
Accumulated |
|
|
| |
|
in years |
|
Gross amount |
|
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 |
|
|
|
273,833 |
|
|
|
36,167 |
|
| SIAS acquired contracts |
|
|
5 |
|
|
|
660,000 |
|
|
|
583,000 |
|
|
|
77,000 |
|
| Non-compete agreements |
|
|
4 |
|
|
|
272,147 |
|
|
|
272,147 |
|
|
|
— |
|
| Total intangible assets subject to amortization |
|
|
|
|
|
|
2,139,421 |
|
|
|
2,026,254 |
|
|
|
113,167 |
|
| Total Goodwill and Intangible Assets |
|
|
|
|
|
$ |
5,449,389 |
|
|
$ |
2,026,254 |
|
|
$ |
3,423,135 |
|
Scheduled amortization over the next year is as follows:
| Twelve months ending March 31, |
|
|
| 2022 |
|
|
$ |
113,167 |
|
| |
|
|
|
|
|
Amortization expense for the three months ended March 31, 2021 and 2020
were $48,500 and $48,500 respectively.
|