XML 48 R36.htm IDEA: XBRL DOCUMENT v3.22.1
Value of Business Acquired, Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Value of Business Acquired

Information with regard to value of business acquired was as follows:

 

   2021   2020 
   December 31 
   2021   2020 
Balance at beginning of year  $8,955,249   $9,876,647 
Value of business acquired   586,840    - 
Imputed interest at 7% included in earnings   613,028    670,565 
Amortization included in earnings   (1,728,157)   (1,457,390)
Shadow amortization included in other comprehensive income   (5,528)   (134,573)
Net amortization   (1,120,657)   (921,398)
Balance at end of year  $8,421,432   $8,955,249 
Schedule of Carrying Value of Intangible Asset

The carrying value of the Company’s intangible assets were as follows which is included in other assets:

 

      December 31 
   Useful Life  2021   2020 
Intangible asset - trade name (1)  15 years  $2,100,000   $- 
Intangible asset - customer lists  15 years   890,000    890,000 
Intangible asset - trade name (2)  15 years   610,000    610,000 
Intangible assets - other (1)  15 years   210,000    - 
Less accumulated amortization      (297,333)   (197,334)
Balance at end of year     $3,512,667   $1,302,666 

 

 
(1) See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens
(2) Kilpatrick Life
Schedule of Goodwill by Segment

Information regarding goodwill by segment was as follows:

 

   Life Insurance   Cemetery/
Mortuary		   Total 
Balance at January 1, 2020:               
Goodwill  $2,765,570   $754,018   $3,519,588 
Accumulated impairment   -    -    - 
Total goodwill, net   2,765,570    754,018    3,519,588 
                
Acquisition   -    -    - 
                
Balance at December 31, 2020:               
Goodwill   2,765,570    754,018    3,519,588 
Accumulated impairment   -    -    - 
Total goodwill, net   2,765,570    754,018    3,519,588 
                
Acquisition   -    1,734,195(1)   1,734,195 
                
Balance at December 31, 2021:               
Goodwill   2,765,570    2,488,213    5,253,783 
Accumulated impairment   -    -    - 
Total goodwill, net  $2,765,570   $2,488,213   $5,253,783 

 

 

(1) See Note 20 regarding the acquisition of Rivera Funerals, Cremations and Memorial Gardens and Holbrook Mortuary