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

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill and Intangible Assets

Note 4 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

  

                               
            June 30, 2021    
    Estimated life       Accumulated    
    in years   Gross amount   Amortization   Net
Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 13,216,040     $ —     $ 13,216,040  
Trademarks     Indefinite       294,268       —       294,268  
                                 
 Total intangible assets not subject to amortization             13,510,308       —       13,510,308  
Intangible assets subject to amortization                                
Customer lists     5-15       744,099       744,099       —  
ABC acquired contracts     5       310,000       289,334       20,666  
SIAS acquired contracts     5       660,000       616,000       44,000  
Non-compete agreements     4       272,147       272,147       —  
Website and Digital Assets     3       33,002       274       32,728  
Total intangible assets subject to amortization             2,019,248       1,921,854       97,394  
Total Goodwill and Intangible Assets           $ 15,529,556     $ 1,921,854     $ 13,607,702  

 

Scheduled amortization over the next three years are as follows:

 

         
Twelve months ending June 30,    
2022     $ 75,575  
2023       10,909  
2024       10,910  
Total     $ 97,394  

 

Amortization expense for the six months ended June 30, 2021 and 2020 were $97,275 and $98,667respectively.

 

Note 4 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

                           
        December 31, 2020  
    Estimated 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       258,333       51,667  
SIAS acquired contracts   5     660,000       550,000       110,000  
Non-compete agreements   4     272,147       272,147       -  
Total intangible assets subject to amortization         2,139,421       1,977,754       161,667  
Total Goodwill and Intangible Assets       $ 5,449,389     $ 1,977,754     $ 3,471,635  

 

The scheduled remaining amortization is as follows:

 

     
Years ending December 31,      
2021   $ 161,667  
Total   $ 161,667  

 

Amortization expense for the years ended December 31, 2020 and 2019 were $194,000 and $196,779 respectively.