Goodwill and Intangible Assets |
Note
5 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
Schedule of goodwill and intangible assets |
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June 30, 2022 |
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Estimated life |
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Accumulated |
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in years |
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Gross amount |
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Amortization |
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Net |
Intangible assets not subject to amortization |
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Goodwill |
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Indefinite |
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$ |
6,560,671 |
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$ |
— |
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$ |
6,560,671 |
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Trademarks |
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Indefinite |
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514,268 |
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— |
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514,268 |
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Total intangible assets not subject to amortization |
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7,074,939 |
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— |
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7,074,939 |
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Intangible assets subject to amortization |
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Customer lists |
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7 |
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2,614,099 |
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1,033,503 |
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1,580,596 |
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ABC acquired contracts |
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5 |
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310,000 |
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310,000 |
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— |
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SIAS acquired contracts |
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5 |
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660,000 |
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660,000 |
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— |
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Non-compete agreements |
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4 |
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272,147 |
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272,147 |
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— |
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Website and Digital Assets |
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3 |
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33,002 |
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12,761 |
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20,241 |
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Total intangible assets subject to amortization |
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3,889,248 |
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2,288,411 |
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1,600,837 |
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Total Goodwill and Intangible Assets |
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$ |
10,964,187 |
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$ |
2,288,411 |
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$ |
8,675,776 |
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Scheduled amortization over the next five years are as follows:
Schedule of amortization over the next two years |
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Twelve months ending June 30, |
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2023 |
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$ |
278,727 |
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2024 |
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275,800 |
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2025 |
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267,143 |
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2026 |
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267,143 |
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2027 |
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267,143 |
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Thereafter |
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244,881 |
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Total |
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$ |
1,600,837 |
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Amortization expense for the six months ended June 30, 2022 and 2021 were
$139,461
and $98,667
respectively.
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