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Note 7 - Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following:
|  | June 30, 2020 |  |  | December 31, 2019 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Balance |  |  | Cost |  |  | Amortization |  |  | Balance |
Customer relationships |  | $ | 39,032,900 |  |  | $ | (19,237,453 | ) |  | $ | 19,795,447 |  |  | $ | 37,743,900 |  |  | $ | (17,890,487 | ) |  | $ | 19,853,413 |
Permits, licenses, and lease acquisition costs |  |  | 10,698,009 |  |  |  | (1,920,156 | ) |  |  | 8,777,853 |  |  |  | 10,305,521 |  |  |  | (1,443,337 | ) |  |  | 8,862,184 |
Site location |  |  | 849,347 |  |  |  | (164,996 | ) |  |  | 684,351 |  |  |  | 849,347 |  |  |  | (136,839 | ) |  |  | 712,508 |
Noncompetition agreements |  |  | 626,000 |  |  |  | (330,564 | ) |  |  | 295,436 |  |  |  | 626,000 |  |  |  | (269,318 | ) |  |  | 356,682 |
Trade names and trademarks |  |  | 1,692,200 |  |  |  | (312,387 | ) |  |  | 1,379,813 |  |  |  | 722,200 |  |  |  | (267,900 | ) |  |  | 454,300 |
Technology |  |  | 1,128,000 |  |  |  | (162,570 | ) |  |  | 965,430 |  |  |  | 138,000 |  |  |  | (138,000 | ) |  |  | - |
Nonsolicitation agreement |  |  | 28,000 |  |  |  | (28,000 | ) |  |  | - |  |  |  | 28,000 |  |  |  | (28,000 | ) |  |  | - |
Easements |  |  | 3,878,154 |  |  |  | - |  |  |  | 3,878,154 |  |  |  | 2,032,494 |  |  |  | - |  |  |  | 2,032,494 |
Total |  | $ | 57,932,610 |  |  | $ | (22,156,126 | ) |  | $ | 35,776,484 |  |  | $ | 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:
|  | June 30, |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | Thereafter |  |  | Total |
Customer relationships |  | $ | 2,500,221 |  |  | $ | 2,379,935 |  |  | $ | 2,379,935 |  |  | $ | 2,379,935 |  |  | $ | 2,379,935 |  |  | $ | 7,775,486 |  |  | $ | 19,795,447 |
Permits, licenses, and lease acquisition costs |  |  | 984,381 |  |  |  | 984,381 |  |  |  | 984,381 |  |  |  | 984,381 |  |  |  | 983,602 |  |  |  | 3,856,727 |  |  |  | 8,777,853 |
Site location |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 401,236 |  |  |  | 684,351 |
Noncompetition agreements |  |  | 109,323 |  |  |  | 96,200 |  |  |  | 76,442 |  |  |  | 13,248 |  |  |  | 223 |  |  |  | - |  |  |  | 295,436 |
Technology |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 470,430 |  |  |  | 965,430 |
Trade names and trademarks |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 812,813 |  |  |  | 1,379,813 |
Total |  | $ | 3,862,948 |  |  | $ | 3,729,539 |  |  | $ | 3,709,781 |  |  | $ | 3,646,587 |  |  | $ | 3,632,783 |  |  | $ | 13,316,692 |  |  | $ | 31,898,330 |
Amortization expense for the six months ended June 30, 2020 and 2019 was $1,980,836 and $5,705,124, respectively. The weighted average amortization period, in months, for intangible assets is as follows:
Customer relationships |  |  | 85 |
Permits, licenses, and lease acquisition costs |  |  | 108 |
Site location |  |  | 145 |
Noncompetition agreements |  |  | 28 |
Technology |  |  | 117 |
Trade names and trademarks |  |  | 110 |

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