Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.23.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2023
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  

 

    Estimated life in years   Gross amount   September 30, 2023, 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       1,367,432       1,246,667  
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       26,705       6,297  
Total intangible assets subject to amortization             3,889,248       2,636,285       1,252,963  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,636,285     $ 6,005,902  

 

Scheduled amortization over the next five years are as follows:

 

         
Twelve months ending September 30,    
2024     $ 273,439  
2025       267,143  
2026       267,143  
2027       267,143  
2028       133,571  
Thereafter       44,524  
Total     $ 1,252,963  

 

Amortization expense for the three months ended September 30, 2023, and 2022 was $69,147 and $69,730 respectively. Amortization expense for the nine months ended September 30, 2023, and 2022 was $208,143 and $209,191 respectively.