| Goodwill and Intangible Assets |
Note 4 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| Schedule of goodwill and intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
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:
| Schedule of amortization over the next two years |
|
|
|
|
|
| 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.
|