Annual report pursuant to Section 13 and 15(d)

GOODWILL & INTANGIBLE ASSETS

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GOODWILL & INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & INTANGIBLE ASSETS GOODWILL & INTANGIBLE ASSETS
Goodwill

The Company has recorded goodwill in conjunction with acquisitions it has completed. The goodwill balances as of December 31, 2022 and 2021 were $15,572,050 and $7,992,121. Goodwill is not amortized. The Company did not record any impairment charges related to goodwill for the years ended December 31, 2022 and 2021.
Intangible Assets Other Than Goodwill

Intangible assets as of December 31, 2022 and 2021 consisted of the following:
As of December 31, 2022
Cost Accumulated Amortization Net Book Value
Finite-lived intangible assets:
Customer relationships $ 4,212,100  $ (401,997) $ 3,810,103 
Trademarks and trade names 1,778,000  (307,817) 1,470,183 
Backlog and Other 768,113  (626,003) 142,110 
Total finite-lived intangible assets 6,758,213  (1,335,817) 5,422,396 
Indefinite-lived intangible assets:
Trade names 28,291  —  28,291 
Total indefinite-lived intangible assets 28,291  —  28,291 
Total intangible assets, net $ 6,786,504  $ (1,335,817) $ 5,450,687 

As of December 31, 2021
Cost Accumulated Amortization Net Book Value
Finite-lived intangible assets:
Customer relationships $ 834,100  $ (49,649) $ 784,451 
Trademarks and trade names 499,000  (41,583) 457,417 
Backlog and Other 490,113  (184,806) 305,307 
Total finite-lived intangible assets 1,823,213    (276,038)   1,547,175 
Indefinite-lived intangible assets:
Trade names 28,291  —  28,291 
Total indefinite-lived intangible assets 28,291  —  28,291 
Total intangible assets, net $ 1,851,504  $ (276,038) $ 1,575,466 
Amortization expense for intangible assets subject to amortization for the years ended December 31, 2022 and 2021 was $1,059,779 and $271,549, respectively. The estimated future amortization expense for intangible assets subject to amortization at December 31, 2022, is summarized below:
For the years ending December 31,
Estimated Future
Amortization Expense
2023 $ 1,100,461 
2024 957,329 
2025 957,329 
2026 915,745 
2027 691,095 
Thereafter 800,437 
Total estimated future amortization expense $ 5,422,396