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Note 7 - Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] |
NOTE 7. | INTANGIBLE ASSETS
Intangible assets consist of the following:
|  | December 31, 2019 |  |  | December 31, 2018 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Balance |  |  | Cost |  |  | Amortization |  |  | Balance |
Customer relationships |  | $ | 37,743,900 |  |  | $ | (17,890,487 | ) |  | $ | 19,853,413 |  |  | $ | 32,638,900 |  |  | $ | (8,326,564 | ) |  | $ | 24,312,336 |
Permits, licenses, and lease acquisition costs |  |  | 10,305,521 |  |  |  | (1,443,337 | ) |  |  | 8,862,184 |  |  |  | 9,599,621 |  |  |  | (559,285 | ) |  |  | 9,040,336 |
Site location |  |  | 849,347 |  |  |  | (136,839 | ) |  |  | 712,508 |  |  |  | 849,347 |  |  |  | (80,216 | ) |  |  | 769,131 |
Noncompetition agreements |  |  | 626,000 |  |  |  | (269,318 | ) |  |  | 356,682 |  |  |  | 614,000 |  |  |  | (145,517 | ) |  |  | 468,483 |
Trade names and trademarks |  |  | 722,200 |  |  |  | (267,900 | ) |  |  | 454,300 |  |  |  | 722,200 |  |  |  | (195,417 | ) |  |  | 526,783 |
Technology |  |  | 138,000 |  |  |  | (138,000 | ) |  |  | - |  |  |  | 138,000 |  |  |  | (122,657 | ) |  |  | 15,343 |
Nonsolicitation agreement |  |  | 28,000 |  |  |  | (28,000 | ) |  |  | - |  |  |  | 28,000 |  |  |  | (28,000 | ) |  |  | - |
Favorable leases |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 847,000 |  |  |  | (35,291 | ) |  |  | 811,709 |
Easements |  |  | 2,032,494 |  |  |  | - |  |  |  | 2,032,494 |  |  |  | 1,088,413 |  |  |  | - |  |  |  | 1,088,413 |
Total |  | $ | 52,445,462 |  |  | $ | (20,173,881 | ) |  | $ | 32,271,581 |  |  | $ | 46,525,481 |  |  | $ | (9,492,947 | ) |  | $ | 37,032,534 |
During the fourth quarter of 2019, we updated our analysis of economic lives of customer relationships. As of October 1, 2019, we extended the amortization period to 10 years to better reflect the estimated economic lives of our billboard customers. This change in accounting estimate decreased amortization expense and decreased the net loss by $2,124,125, or $0.09 per basic and diluted share, in the fourth quarter of 2019. The future amortization associated with the intangible assets is as follows:
|  | December 31, |  |  |  |  |  |  |  |  |
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Thereafter |  |  | Total |
Customer relationships |  | $ | 2,573,841 |  |  | $ | 2,251,035 |  |  | $ | 2,251,035 |  |  | $ | 2,251,035 |  |  | $ | 2,251,035 |  |  | $ | 8,275,432 |  |  | $ | 19,853,413 |
Permits, licenses and lease acquisition costs |  |  | 945,132 |  |  |  | 945,132 |  |  |  | 945,132 |  |  |  | 945,132 |  |  |  | 945,132 |  |  |  | 4,136,524 |  |  |  | 8,862,184 |
Site location |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 429,393 |  |  |  | 712,508 |
Noncompetition agreements |  |  | 117,617 |  |  |  | 101,200 |  |  |  | 90,365 |  |  |  | 46,100 |  |  |  | 1,400 |  |  |  | - |  |  |  | 356,682 |
Trade names and trademarks |  |  | 64,900 |  |  |  | 64,900 |  |  |  | 64,900 |  |  |  | 64,900 |  |  |  | 64,900 |  |  |  | 129,800 |  |  |  | 454,300 |
Total |  | $ | 3,758,113 |  |  | $ | 3,418,890 |  |  | $ | 3,408,055 |  |  | $ | 3,363,790 |  |  | $ | 3,319,090 |  |  | $ | 12,971,149 |  |  | $ | 30,239,087 |
Amortization expense for the years ended December 31, 2019 and 2018 was $10,471,973 and $6,036,657, respectively. Future Amortization The weighted average amortization period, in months, for intangible assets is as follows:
Customer relationships |  |  | 90 |
Permits, licenses, and lease acquisition costs |  |  | 113 |
Site location |  |  | 151 |
Noncompetition agreements |  |  | 34 |
Trade names and trademarks |  |  | 54 |

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