Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.22.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2022
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, 2022    
    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     7       2,614,099       966,717       1,647,382  
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       9,816       23,186  
Total intangible assets subject to amortization             3,889,248       2,218,680       1,670,568  
Total Goodwill and Intangible Assets           $ 10,964,187     $ 2,218,680     $ 8,745,507  

 

Scheduled amortization over the next five years are as follows:

 

   
Twelve months ending March 31,    
2023     278,922  
2024     276,976  
2025     268,717  
2026     267,143  
2027     267,143  
Thereafter     311,667  
Total   $ 1,670,568  

 

Amortization expense for the three months ended March 31, 2022 and 2021 were $69,730 and $48,500 respectively.