Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2021
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.