Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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

Note 5 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

                               
    Estimated life in years   Gross amount   September 30, 2022 Accumulated 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       1,100,289       1,513,810  
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       15,705       17,297  
Total intangible assets subject to amortization             3,889,248       2,358,141       1,531,107  
Total Goodwill and Intangible Assets           $ 10,964,187     $ 2,358,141     $ 8,606,046  

 

Scheduled amortization over the next five years are as follows:

 

           
Twelve months ending September 30,    
  2023     $ 278,144  
  2024       273,439  
  2025       267,143  
  2026       267,143  
  2027       200,357  
  Thereafter       244,881  
  Total     $ 1,531,107  

 

Amortization expense for the three months ended September 30, 2022 and 2021 was $69,730 and $139,807 respectively. Amortization expense for the nine months ended September 30, 2022 and 2021 was $209,191 and $238,474 respectively.