Quarterly report pursuant to Section 13 or 15(d)

GOODWILL & INTANGIBLE ASSETS (Tables)

v3.22.2.2
GOODWILL & INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS

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  
SCHEDULE OF FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS

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