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Note 6 - Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 6. | Goodwill and Intangible Assets
Information regarding our intangible assets and goodwill is as follows:
|  | Weighted Average Useful Life (Years) |  |  | December 31, 2021 |  |  | Additions |  |  | June 30, 2022 |
Intangible assets with estimated useful lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology |  |  | 5.0 |  |  | $ | 2,900,000 |  |  | $ | - |  |  | $ | 2,900,000 |
Customer relationships |  |  | 6.4 |  |  |  | 4,950,000 |  |  |  | - |  |  |  | 4,950,000 |
Non-compete agreements |  |  | 3.0 |  |  |  | 120,000 |  |  |  | - |  |  |  | 120,000 |
Accumulated amortization |  |  |  |  |  |  | (201,032 | ) |  |  | (699,786 | ) |  |  | (900,818 | )
Sub-total |  |  |  |  |  |  | 7,768,968 |  |  |  | (699,786 | ) |  |  | 7,069,182 |
Intangible assets with indefinite lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  | Indefinite |  |  |  | 280,000 |  |  |  | - |  |  |  | 280,000 |
Net identifiable intangible assets |  |  |  |  |  | $ | 8,048,968 |  |  | $ | (699,786 | ) |  | $ | 7,349,182 |
Goodwill |  | Indefinite |  |  | $ | 7,585,269 |  |  | $ | - |  |  | $ | 7,585,269 |
There was no impairment charge to intangible assets or goodwill for the six months ended June 30, 2022 or 2021. As of June 30, 2022, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows:
Remainder of 2022 |  | $ | 699,786 |
2023 |  |  | 1,399,572 |
2024 |  |  | 1,369,635 |
2025 |  |  | 1,359,576 |
2026 |  |  | 1,326,854 |
Thereafter |  |  | 913,759 |
Total |  | $ | 7,069,182 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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