Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.2.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 6 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

Schedule of goodwill and intangible assets                                
            June 30, 2022    
    Estimated life       Accumulated    
    in years   Gross amount   Amortization   Net
Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 6,560,671     $ —     $ 6,560,671  
Trademarks     Indefinite       514,268       —       514,268  
                                 
Total intangible assets not subject to amortization             7,074,939       —       7,074,939  
Intangible assets subject to amortization                                
Customer lists     7       2,614,099       1,033,503       1,580,596  
ABC acquired contracts     5       310,000       310,000       —  
SIAS acquired contracts     5       660,000       660,000       —  
Non-compete agreements     4       272,147       272,147       —  
Website and Digital Assets     3       33,002       12,761       20,241  
Total intangible assets subject to amortization             3,889,248       2,288,411       1,600,837  
Total Goodwill and Intangible Assets           $ 10,964,187     $ 2,288,411     $ 8,675,776  

  

Scheduled amortization over the next five years are as follows:

       
Twelve months ending June 30,    
2023    $ 278,727  
2024     275,800  
2025     267,143  
2026     267,143  
2027     267,143  
Thereafter     244,881  
Total   $ 1,600,837  

  

Amortization expense for the six months ended June 30, 2022 and 2021 were $139,461 and $98,667 respectively.