Quarterly report pursuant to Section 13 or 15(d)

GOODWILL & INTANGIBLE ASSETS

v3.22.2.2
GOODWILL & INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & INTANGIBLE ASSETS

NOTE 6 – GOODWILL & INTANGIBLE ASSETS

 

Goodwill

 

The Company has recorded goodwill in conjunction with the acquisitions it has completed. The goodwill balances as of September 30, 2022 and December 31, 2021 were $12,127,124 and $7,992,121, respectively. Goodwill is not amortized. There is no goodwill for income tax purposes. The Company did not record any impairment charges related to goodwill for the periods ended September 30, 2022 and 2021.

 

Intangible Assets Other Than Goodwill

 

Intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following:

 

    September 30, 2022  
Finite-lived intangible assets:   Cost     Accumulated Amortization     Net Book Value  
Customer relationships   $ 2,987,100     $ 243,940     $ 2,743,160  
Trademarks and trade names     1,737,000       253,241       1,483,759  
Backlog and Other     713,837       551,920       161,917  
Total finite-lived intangible assets:     5,437,937       1,049,101       4,388,836  
                         
Indefinite-lived intangible assets:                        
Patents     44,276       -       44,276  
Trade name     28,291       -       28,291  
Total indefinite-lived intangible assets:     72,567       -       72,567  
Total Intangible assets, net   $ 5,510,504     $ 1,049,101     $ 4,461,403  

 

                         
    December 31, 2021  
    Cost     Accumulated Amortization     Net Book Value  
Customer relationships   $ 834,100     $ 49,649     $ 784,451  
Trademarks and trade names     499,000       41,583       457,417  
Backlog and Other     518,404       184,806       333,598  
Total   $ 1,851,504     $ 276,039     $ 1,575,466  

 

The estimated future amortization expense for intangible assets subject to amortization as of September 30, 2022, is summarized below:

 

         
    Estimated Future  
    Amortization Expense  
Remainder of 2022   $ 263,428  
2023     883,978  
2024     799,111  
2025     799,111  
Thereafter     1,643,208  
Total   $ 4,388,836  

 

Amortization expense for intangible assets for the nine months ended September 30, 2022 and 2021 was $773,063 and $101,727, respectively. Amortization expense for intangible assets for the three months ended September 30, 2022 and 2021 was $304,339 and $101,149, respectively.