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Note 7 - Intangible Assets
 12 Months Ended
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