Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.23.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 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   December 31, 2022, Accumulated Amortization   Net
Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 4,238,671     $     $ 4,238,671  
Trademarks     Indefinite       514,268             514,268  
                                 
Total intangible assets not subject to amortization             4,752,939             4,752,939  
Intangible assets subject to amortization                                
Customer lists     7       2,614,099       1,167,075       1,447,024  
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       18,650       14,352  
Total intangible assets subject to amortization             3,889,248       2,427,872       1,461,376  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,427,872     $ 6,214,315  

 

Scheduled amortization over the next five years are as follows:

 

           
Twelve months ending December 31,    
  2023     $ 277,560  
  2024       271,078  
  2025       267,143  
  2026       267,143  
  2027       267,143  
  Thereafter       111,309  
  Total     $ 1,461,376  

 

Amortization expense for the year ended December 31, 2022, and 2021 was $278,922 and $324,371 respectively.