| Goodwill and Intangible Assets |
Note
4 - Goodwill and Intangible Assets
Goodwill
and intangible assets consisted of the following:
| |
|
|
|
September
30, 2019 |
| |
|
Estimated
life
in years |
|
Gross
amount |
|
Accumulated
Amortization |
|
Net |
| |
|
|
|
|
|
|
|
|
| Goodwill |
|
Indefinite |
|
$ |
3,015,700 |
|
|
$ |
N/A |
|
|
$ |
3,015,700 |
|
| Intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks |
|
Indefinite |
|
|
294,268 |
|
|
|
N/A |
|
|
|
294,268 |
|
| Customer lists |
|
5 - 15 |
|
|
897,274 |
|
|
|
897,274 |
|
|
|
0 |
|
| ABC acquired contracts |
|
5 |
|
|
310,000 |
|
|
|
180,833 |
|
|
|
129,167 |
|
| SIAS acquired contracts |
|
5 |
|
|
660,000 |
|
|
|
385,000 |
|
|
|
275,000 |
|
| Non-compete
agreements |
|
4 |
|
|
272,147 |
|
|
|
271,869 |
|
|
|
278 |
|
| Total
intangible assets |
|
|
|
|
2,433,689 |
|
|
|
1,734,976 |
|
|
|
698,713 |
|
| Total
Goodwill and Intangible Assets |
|
|
|
$ |
5,449,389 |
|
|
$ |
1,734,976 |
|
|
$ |
3,714,413 |
|
Scheduled
amortization over the next three years as follows:
| For
the Twelve Months ending September 30, |
|
|
| 2020 |
|
$ |
194,278 |
|
| 2021 |
|
|
194,000 |
|
| 2022 |
|
|
16,167 |
|
| Total |
|
$ |
404,445 |
|
Amortization
expense for the nine months ended September 30, 2019 and 2018 was $148,000 and $148,000, respectively.
|