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Intangible Asset - Customer Lists
 9 Months Ended
Sep. 30, 2023
Intangible Asset - Customer Lists [Abstract]  
INTANGIBLE ASSET - CUSTOMER LISTS
G.INTANGIBLE ASSET - Customer Lists:

 

Wildman Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $2,253,690. The intangible asset - customer list is amortized over 10 years. At September 30, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of $484,981 and $299,912, respectively.

 

Amortization expense related to intangible asset - customer list was $143,586 and $158,952 for the nine months ended September 30, 2023 and 2022.

 

Estimated future amortization expense for the years:

 

2023  $176,871 
2024   176,871 
2025   176,871 
2026   176,871 
2027   176,871 
   $884,355 

 

G.A.P. Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $2,275,290. The intangible asset - customer list is amortized over 10 years. At September 30, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of $469,000 and zero, respectively.

 

Amortization expense related to intangible asset - customer lists was $139,379 and $151,686 for the nine months ended September 30, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023  $180,629 
2024   180,629 
2025   180,629 
2026   180,629 
2027   180,629 
   $903,145 

 

Trend Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $1,659,831. The intangible asset - customer list is amortized over 10 years. At September 30, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of zero.

 

Amortization expense related to intangible asset - customer lists was $124,487 and $13,832 for the nine months ended September 30, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023  $165,983 
2024   165,983 
2025   165,983 
2026   165,983 
2027   165,983 
   $829,916 

 

Premier Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $1,032,600. The intangible asset - customer list is amortized over 10 years. At September 30, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of zero.

 

Amortization expense related to intangible asset - customer lists was $77,445 and zero for the nine months ended September 30, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023  $103,260 
2024   103,260 
2025   103,260 
2026   103,260 
2027   103,260 
   $516,300 

 

T R Miller Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $5,292,205 after post-closing adjustments of $339,660. The intangible asset - customer list is amortized over 10 years. At September 30, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of zero.

 

Amortization expense related to intangible asset - customer lists was $173,715 and zero for the nine months ended September 30, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023  $521,144 
2024   521,144 
2025   521,144 
2026   521,144 
2027   521,144 
   $2,605,720