v3.22.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

Note 6- Goodwill and Intangible Assets

Changes in goodwill for the years ended December 31, 2021 and 2020 consist of the following:

    

Goodwill

Balance at December 31, 2019

$

4,309,766

Acquisition of ANC Smith’s

 

2,185,748

Acquisition of ANC Potter’s

 

1,417,609

Balance at December 31, 2020

7,913,123

Acquisition of Zodega subsidiaries

2,643,546

Impairment of Zodega and Superior Services goodwill

(6,825,388)

Balance at December 31, 2021

$

3,731,281

As of December 31, 2021 and 2020, the Company’s intangible assets consisted of the following:

    

December 31, 2021

Weighted average

amortization period

Accumulated

Impairment

    

(in years)

    

Gross

    

Amortization

    

Loss

    

Net

Tradenames

6.5

$

1,285,800

$

(252,666)

$

$

1,033,134

Customer relationships

4.9

 

4,716,100

 

(1,387,112)

(192,150)

$

3,136,838

Non-compete agreements

4.7

 

564,000

 

(168,820)

$

395,180

$

6,565,900

$

(1,808,598)

$

(192,150)

$

4,565,152

December 31, 2020

Weighted average

amortization period

Accumulated

    

(in years)

    

Gross

    

Amortization

    

Net

Tradenames

7.5

$

932,000

$

(125,708)

$

806,292

Customer relationships

5.7

3,289,000

(611,709)

$

2,677,291

Non-compete agreements

6.6

 

564,000

 

(79,893)

$

484,107

$

4,785,000

$

(817,310)

$

3,967,690

Intangible asset impairment loss related to Superior Services customer relationships was $0.2 million and $0.0 million for the years ended December 31, 2021 and 2020, respectively.

Amortization expense was $1.0 million and $0.7 million for the years ended December 31, 2021 and 2020, respectively.

The estimated aggregate amortization expense for intangible assets over the next five fiscal years and thereafter is as follows:

2022

    

$

989,404

2023

 

989,404

2024

 

973,154

2025

727,469

2026

388,590

Thereafter

 

497,131

Total

$

4,565,152