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Note 7 - Intangible Assets

9 Months Ended

Sep. 30, 2023

NOTE 7. INTANGIBLE ASSETS

Intangible assets consist of the following:

	*September 30, 2023*							*December 31, 2022*
			*Accumulated*							*Accumulated*
	*Cost*		*Amortization*			*Balance*		*Cost*		*Amortization*			*Balance*

Customer relationships	$	70,231,493	$	(32,070,676	)	$	38,160,817	$	69,052,231	$	(28,141,423	)	$	40,910,808
Permits, licenses, and lease acquisition costs		11,782,975		(5,288,377	)		6,494,598		11,724,308		(4,479,482	)		7,244,826
Site location		849,347		(349,059	)		500,288		849,347		(306,708	)		542,639
Noncompetition agreements		626,000		(623,995	)		2,005		626,000		(578,500	)		47,500
Technology		1,128,000		(484,296	)		643,704		1,128,000		(410,250	)		717,750
Trade names and trademarks		11,152,200		(1,531,604	)		9,620,596		11,152,200		(1,089,892	)		10,062,308
Nonsolicitation agreement		103,000		(34,721	)		68,279		28,000		(28,000	)		-
Capitalized contract costs		2,971,500		(313,363	)		2,658,137		1,869,350		(151,034	)		1,718,316
Indefinite lived intangibles		7,473,016		-			7,473,016		7,097,895		-			7,097,895

Total	$	106,317,531	$	(40,696,091	)	$	65,621,440	$	103,527,331	$	(35,185,289	)	$	68,342,042

Future Amortization

The future amortization associated with the intangible assets is as follows:

	*September 30,*
	*2024*		*2025*		*2026*		*2027*		*2028*		*Thereafter*		*Total*

Customer relationships	$	5,308,284	$	5,308,284	$	5,308,284	$	5,288,710	$	5,084,798	$	11,862,457	$	38,160,817
Permits, licenses, and lease acquisition costs		1,085,878		1,079,226		1,052,243		1,021,456		936,069		1,319,726		6,494,598
Site location		56,623		56,623		56,623		56,623		56,623		217,173		500,288
Noncompetition agreements		2,005		-		-		-		-		-		2,005
Technology		99,000		99,000		99,000		99,000		99,000		148,704		643,704
Trade names and trademarks		590,567		590,567		590,567		542,026		525,667		6,781,202		9,620,596
Nonsolicitation agreement		25,000		25,000		18,279		-		-		-		68,279
Capitalized contract costs		297,150		297,150		297,150		297,150		297,150		1,172,387		2,658,137

Total	$	7,464,507	$	7,455,850	$	7,422,146	$	7,304,965	$	6,999,307	$	21,501,649	$	58,148,424

Amortization expense for the nine months ended September 30, 2023 and 2022 was $5,510,794 and $4,674,620, respectively.

As of September 30, 2023, the weighted average amortization period, in months, for intangible assets is as follows:

Customer relationships			86
Permits, licenses, and lease acquisition costs			72
Site location			106
Noncompetition agreements			10
Technology			78
Trade names and trademarks			195
Nonsolicitation agreement			33
Capitalized contract costs			107