Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.21.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 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:

 

        December 31, 2020  
    Estimated life
in years		   Gross
amount		     Accumulated
Amortization		     Net  
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       258,333       51,667  
SIAS acquired contracts   5     660,000       550,000       110,000  
Non-compete agreements   4     272,147       272,147       -  
Total intangible assets subject to amortization         2,139,421       1,977,754       161,667  
Total Goodwill and Intangible Assets       $ 5,449,389     $ 1,977,754     $ 3,471,635  

 

The scheduled remaining amortization is as follows:

 

Years ending December 31,      
2021   $ 161,667  
Total   $ 161,667  

 

Amortization expense for the years ended December 31, 2020 and 2019 were $194,000 and $196,779 respectively.