Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.22.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
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, 2021    
    Estimated life       Accumulated    
    in years   Gross amount   Amortization   Net
Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 6,560,671     $ —     $ 6,560,671  
Trademarks     Indefinite       514,268       —       514,268  
                                 
 Total intangible assets not subject to amortization             7,074,939       —       7,074,939  
Intangible assets subject to amortization                                
Customer lists     5-15       2,614,099       899,932       1,714,167  
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       6,871       26,131  
Total intangible assets subject to amortization             3,889,248       2,148,950       1,740,298  
Total Goodwill and Intangible Assets           $ 10,964,187     $ 2,148,950     $ 8,815,237  

 

Scheduled amortization over the next five years are as follows:

 

           
Twelve months ending December 31,    
  2022     $ 278,922  
  2023       277,560  
  2024       271,078  
  2025       267,143  
  Thereafter       645,595  
  Total     $ 1,740,298  

 

Amortization expense for the year ended December 31, 2021 and 2020 were $324,371 and $194,000 respectively. During the year ended December 31, 2021, the Company recorded a loss on disposal of assets of $15,000 related to trademarks.