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Note 7 - Intangible Assets | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS Intangible assets consist of the following:
|  | September 30, 2020 |  |  | December 31, 2019 |
|  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Balance |  |  | Cost |  |  | Amortization |  |  | Balance |
Customer relationships |  | $ | 39,321,524 |  |  | $ | (19,926,167 | ) |  | $ | 19,395,357 |  |  | $ | 37,743,900 |  |  | $ | (17,890,487 | ) |  | $ | 19,853,413 |
Permits, licenses, and lease acquisition costs |  |  | 10,720,023 |  |  |  | (2,166,042 | ) |  |  | 8,553,981 |  |  |  | 10,305,521 |  |  |  | (1,443,337 | ) |  |  | 8,862,184 |
Site location |  |  | 849,347 |  |  |  | (179,229 | ) |  |  | 670,118 |  |  |  | 849,347 |  |  |  | (136,839 | ) |  |  | 712,508 |
Noncompetition agreements |  |  | 626,000 |  |  |  | (358,981 | ) |  |  | 267,019 |  |  |  | 626,000 |  |  |  | (269,318 | ) |  |  | 356,682 |
Technology |  |  | 1,128,000 |  |  |  | (187,410 | ) |  |  | 940,590 |  |  |  | 138,000 |  |  |  | (138,000 | ) |  |  | - |
Trade names and trademarks |  |  | 1,692,200 |  |  |  | (340,693 | ) |  |  | 1,351,507 |  |  |  | 722,200 |  |  |  | (267,900 | ) |  |  | 454,300 |
Nonsolicitation agreement |  |  | 28,000 |  |  |  | (28,000 | ) |  |  | - |  |  |  | 28,000 |  |  |  | (28,000 | ) |  |  | - |
Easements |  |  | 4,240,002 |  |  |  | - |  |  |  | 4,240,002 |  |  |  | 2,032,494 |  |  |  | - |  |  |  | 2,032,494 |
Total |  | $ | 58,605,096 |  |  | $ | (23,186,522 | ) |  | $ | 35,418,574 |  |  | $ | 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:
|  | September 30, |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | Thereafter |  |  | Total |
Customer relationships |  | $ | 2,439,725 |  |  | $ | 2,408,935 |  |  | $ | 2,408,935 |  |  | $ | 2,408,935 |  |  | $ | 2,408,935 |  |  | $ | 7,319,892 |  |  | $ | 19,395,357 |
Permits, licenses, and lease acquisition costs |  |  | 986,582 |  |  |  | 986,582 |  |  |  | 986,582 |  |  |  | 986,582 |  |  |  | 979,913 |  |  |  | 3,627,740 |  |  |  | 8,553,981 |
Site location |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 56,623 |  |  |  | 387,003 |  |  |  | 670,118 |
Noncompetition agreements |  |  | 104,971 |  |  |  | 95,206 |  |  |  | 64,839 |  |  |  | 2,003 |  |  |  | - |  |  |  | - |  |  |  | 267,019 |
Technology |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 99,000 |  |  |  | 445,590 |  |  |  | 940,590 |
Trade names and trademarks |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 113,400 |  |  |  | 784,507 |  |  |  | 1,351,507 |
Total |  | $ | 3,800,301 |  |  | $ | 3,759,746 |  |  | $ | 3,729,379 |  |  | $ | 3,666,543 |  |  | $ | 3,657,871 |  |  | $ | 12,564,732 |  |  | $ | 31,178,572 |
Amortization expense for the nine months ended September 30, 2020 and 2019 was $3,012,641 and $9,361,736, respectively. The weighted average amortization period, in months, for intangible assets is as follows:
Customer relationships |  |  | 84 |
Permits, licenses, and lease acquisition costs |  |  | 105 |
Site location |  |  | 142 |
Noncompetition agreements |  |  | 29 |
Technology |  |  | 114 |
Trade names and trademarks |  |  | 143 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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