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v3.22.4

Intangibles | 12 Months Ended
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Dec. 31, 2022
Intangibles |
5. Intangibles | 5. Intangibles Trademarks are not amortized as their lives are deemed to be indefinite. Amortization expense recognized in 2022 and 2021 was $3,953,838 and $3,985,179, respectively. Total amortization expense for each of the next five years is estimated to be as follows: 2023 - $4.7 million; 2024 - $3.9 million; 2025 - $3.9 million; 2026 - $3.9 million and 2027 - $3.9 million.
|  |  |  |  | Weighted-Average |
|  |  |  |  | Amortization |
|  | 2022 |  |  | Period (Years) |
Gross Amount |  |  |  |  |  |
Patents and developed technology |  | $ | 7,412,101 |  |  |  | 4.8 |
Customer relationships |  |  | 25,883,709 |  |  |  | 4.8 |
Non-compete agreements |  |  | 1,040,714 |  |  |  | 2.4 |
Total Gross Intangibles |  | $ | 34,340,524 |  |  |  | 4.7 |
Accumulated Amortization |  |  |  |  |  |  |  |
Patents and developed technology |  | $ | 3,395,729 |  |  |  |  |
Customer relationships |  |  | 11,620,461 |  |  |  |  |
Non-compete agreements |  |  | 504,437 |  |  |  |  |
Accumulated Amortization |  | $ | 15,520,627 |  |  |  |  |
Net 2022 per Balance Sheet |  | $ | 18,819,897 |  |  |  |  |
|  | 2021 |  |  |  |  |
Gross Amount |  |  |  |  |  |  |  |
Patents and developed technology |  | $ | 6,749,169 |  |  |  | 6.5 |
Customer relationships |  |  | 26,040,691 |  |  |  | 5.9 |
Non-compete agreements |  |  | 1,111,756 |  |  |  | 3.3 |
Total Gross Intangibles |  | $ | 33,901,616 |  |  |  | 5.9 |
Accumulated Amortization |  |  |  |  |  |  |  |
Patents and developed technology |  | $ | 2,959,782 |  |  |  |  |
Customer relationships |  |  | 7,759,667 |  |  |  |  |
Non-compete agreements |  |  | 318,670 |  |  |  |  |
Accumulated Amortization |  | $ | 11,038,119 |  |  |  |  |
Net 2021 per Balance Sheet |  | $ | 22,863,497 |  |  |  |  |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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