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Intangible and Other Long-Term Assets
 12 Months Ended
Dec. 31, 2021
Disclosure of intangible assets [text block] [Abstract]  
Intangible and other long-term assets
11.Intangible and other long-term assets

 

The balances as of December 31, 2021 and 2020 are as follows:

 

   2021   Amortization 
Assets  Original
Value		  

Accumulated
amortization

   Net  

period
(years)

 
Republic trade mark  $110,506   $   $110,506  
*
 
Customers list   67,459    67,459        20 
Total from Republic (1)   177,965    67,459    110,506     
                    
Customers list   2,205,700    2,205,700        9 
San 42 trademark (2)   329,600         329,600  
*
 
Goodwill (2)   1,814,160         1,814,160  
*
 
Total from Grupo San (3)   4,349,460    2,205,700    2,143,760     
    4,527,425    2,273,159    2,254,266     
Other assets   58,303         58,303     
   $4,585,728   $2,273,159   $2,312,569     

 

   2020  

Amortization

 
Assets 

Original
Value

  

Accumulated
amortization

   Net  

period
(years)

 
Republic trade mark  $107,380   $   $107,380  
*
 
Kobe Tech contract   125,141    125,141        12 
Customers list   65,550    65,550        20 
Total from Republic (1)   298,071    190,691    107,380     
                    
Customers list   2,205,700    2,205,700        9 
San 42 trademark (2)   329,600         329,600  
*
 
Goodwill (2)   1,814,160         1,814,160  
*
 
Total from Grupo San (3)   4,349,460    2,205,700    2,143,760     
                    
    4,647,531    2,396,391    2,251,140     
Other assets   71,816         71,816     
   $4,719,347   $2,396,391   $2,322,956     

 

*Intangible assets with undefined useful life.
  

(1)Intangible assets from the Republic acquisition.
  
(2)The San 42 trademark and the goodwill are presented net of impairment losses recorded in 2009 for $16,000 and $2,352,000, respectively.
  
(3)Intangible assets from the Grupo San acquisition.

 

The amortization of these assets recorded in net income of the years ended December 31, 2021 and 2020, amounted to $ 10,522 and $ 11,250, respectively.

 

The other assets are not subject to amortization and they are primarily comprised of guarantee deposits.

 

The reconciliation between the opening and closing balances of each year is presented below:

 

Assets 

Original Value

   Accumulated amortization   Net 
Balance as of December 31, 2019  $4,706,666   $(2,371,549)  $2,335,117 
Additions   11,250    (11,250)   0 
Adjustment effect of the year   1,431    (13,592)   (12,161)
Balance as of December 31, 2020  $4,719,347   $(2,396,391)  $2,322,956 
Additions   10,520    (10,520)   0 
Cancellations   (128,785)   128,785    0 
Adjustment effect of the year   (15,354)   4,967    (10,387)
Balance as of December 31, 2021  $4,585,728   $(2,273,159)  $2,312,569