| Goodwill and Intangible Assets |
Note 4 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| |
|
Estimated |
|
September 30, 2020 |
| |
|
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 |
|
|
|
242,833 |
|
|
|
67,167 |
|
| SIAS acquired contracts |
|
|
5 |
|
|
|
660,000 |
|
|
|
517,000 |
|
|
|
143,000 |
|
| Non-compete agreements |
|
|
4 |
|
|
|
272,147 |
|
|
|
272,147 |
|
|
|
— |
|
| Total intangible assets subject to amortization |
|
|
|
|
|
|
2,139,421 |
|
|
|
1,929,254 |
|
|
|
210,167 |
|
| Total Goodwill and Intangible Assets |
|
|
|
|
|
$ |
5,449,389 |
|
|
$ |
1,929,254 |
|
|
$ |
3,520,135 |
|
Scheduled amortization over the next two years as follows:
| Twelve months ending September 30, |
|
|
|
| 2021 |
|
$ |
194,000 |
|
| 2022 |
|
|
16,167 |
|
| Total |
|
$ |
210,167 |
|
Amortization expense for the nine months ended September 30, 2020
and 2019 were $145,500 and $148,000 respectively.
|