Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.20.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 4 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

        March 31, 2020
    Estimated life   Gross amount   Accumulated   Net
in years Amortization
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       211,833       98,167
SIAS acquired contracts     5       660,000       451,000       209,000
Non-compete agreements     4       272,147       272,147                      -   
Total intangible assets subject to amortization             2,139,421       1,832,254       307,167
Total Goodwill and Intangible Assets           $ 5,449,389     $ 1,832,254     $ 3,617,135

 

Scheduled amortization over the next two years as follows:

 

Twelve months ending March 31,        
2020     $ 194,000  
2021       113,167  
Total     $ 307,167  

 

Amortization expense for the years ended March 31, 2020 and 2019 were $48,500 and $49,334 respectively.