| Goodwill and Intangible Assets |
Note 6‑ Goodwill and Intangible Assets
Changes in goodwill for the three months ended March 31, 2021 consists of the following:
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Balance at December 31, 2020
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$
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7,913,123
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Acquisition of Zodega subsidiaries
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$
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4,320,401
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Balance at March 31, 2021
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$
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12,233,524
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As of March 31, 2021 and December 31, 2020, the Company’s intangible assets consisted of the following:
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Weighted average
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March 31, 2021
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amortization period (in years)
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Gross
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Accumulated Amortization
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Net
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Tradenames
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7.5
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$
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932,000
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$
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(157,448)
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$
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774,552
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Customer relationships
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5.7
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3,289,000
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(757,217)
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2,531,783
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Non-compete agreements
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6.6
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564,000
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(102,125)
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461,875
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|
|
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$
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4,785,000
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$
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(1,016,790)
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|
$
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3,768,210
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Weighted average
|
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December 31, 2020
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amortization period (in years)
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Gross
|
|
Accumulated Amortization
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Net
|
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Tradenames
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7.5
|
|
$
|
932,000
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$
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(125,708)
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|
$
|
806,292
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Customer relationships
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5.7
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3,289,000
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|
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(611,709)
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|
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2,677,291
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Non-compete agreements
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6.6
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564,000
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(79,893)
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484,107
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|
|
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$
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4,785,000
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$
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(817,310)
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$
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3,967,690
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Amortization expense was $0.2 million for the three months ended March 31, 2021 and $0.1 million for the three months ended March 31, 2020.
The estimated aggregate amortization expense for intangible assets over the next five fiscal years and thereafter is as follows:
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2021 (excluding the three months ended March 31, 2021)
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598,439
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2022
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797,920
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2023
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797,920
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2024
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|
781,670
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2025
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535,087
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Thereafter
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257,174
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