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Note 7 - Intangible Assets
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]
NOTE
7.
     
INTANGIBLE ASSETS
 
Intangible assets consist of the following:
 
   
March 31, 2020
    
December 31, 2019
  
     
 
 
  
Accumulated
      
 
 
    
 
 
  
Accumulated
      
 
 
   
Cost
    
Amortization
    
Balance
    
Cost
    
Amortization
    
Balance
  
                                                 
Customer relationships
   $
39,855,900
     $
(18,547,994
 )   $
21,307,906
     $
37,743,900
     $
(17,890,487
 )   $
19,853,413
  
Permits, licenses, and lease acquisition costs
    
10,613,471
      
(1,675,972
 )    
8,937,499
      
10,305,521
      
(1,443,337
 )    
8,862,184
  
Site location
    
849,347
      
(150,995
 )    
698,352
      
849,347
      
(136,839
 )    
712,508
  
Noncompetition agreements
    
626,000
      
(300,618
 )    
325,382
      
626,000
      
(269,318
 )    
356,682
  
Trade names and trademarks
    
1,692,200
      
(284,125
 )    
1,408,075
      
722,200
      
(267,900
 )    
454,300
  
Technology
    
138,000
      
(138,000
 )    
-
      
138,000
      
(138,000
 )    
-
  
Nonsolicitation agreement
    
28,000
      
(28,000
 )    
-
      
28,000
      
(28,000
 )    
-
  
Easements
    
2,697,880
      
-
      
2,697,880
      
2,032,494
      
-
      
2,032,494
  
                                                 
Total
   $
56,500,798
     $
(21,125,704
 )   $
35,375,094
     $
52,445,462
     $
(20,173,881
 )   $
32,271,581
  
 
During the
fourth
quarter of
2019,
we updated our analysis of economic lives of customer relationships and extended the amortization period to
10
years to better reflect the estimated economic lives of our billboard customers.
 
Future Amortization
 
The future amortization associated with the intangible assets is as follows:
 
   
March 31,
      
 
 
    
 
 
   
2021
    
2022
    
2023
    
2024
    
2025
    
Thereafter
    
Total
  
                                                         
Customer relationships
   $
2,683,287
     $
2,462,235
     $
2,462,235
     $
2,462,235
     $
2,462,235
     $
8,775,679
     $
21,307,906
  
Permits, licenses, and lease acquisition costs
    
975,927
      
975,927
      
975,927
      
975,927
      
975,927
      
4,057,864
      
8,937,499
  
Site location
    
56,623
      
56,623
      
56,623
      
56,623
      
56,623
      
415,237
      
698,352
  
Noncompetition agreements
    
114,117
      
97,450
      
83,365
      
29,617
      
833
      
-
      
325,382
  
Trade names and trademarks
    
161,900
      
161,900
      
161,900
      
161,900
      
161,900
      
598,575
      
1,408,075
  
                                                         
Total
   $
3,991,854
     $
3,754,135
     $
3,740,050
     $
3,686,302
     $
3,657,518
     $
13,847,355
     $
32,677,214
  
 
Amortization expense for the 
three
months ended
March 31, 2020
and
2019
was
$951,821
 and
$2,848,552,
respectively.
 
The weighted average amortization period, in months, for intangible assets is as follows:
 
Customer relationships
    
89
  
Permits, licenses, and lease acquisition costs
    
111
  
Site location
    
148
  
Noncompetition agreements
    
31
  
Trade names and trademarks
    
85