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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets The components of goodwill and other intangible assets are as follows:
December 31, 2019 |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 5 years |  | $ | 12,720,000 |  |  | $ | 12,720,000 |  |  | $ | — |
Trademarks |  | 7 years |  |  | 6,235,069 |  |  |  | 5,751,037 |  |  |  | 484,032 |
Patents |  | 7 years |  |  | 230,683 |  |  |  | 230,683 |  |  |  | — |
Software |  | 7 years |  |  | 2,090,633 |  |  |  | 984,141 |  |  |  | 1,106,492 |
Customer lists |  | 5 years |  |  | 307,153 |  |  |  | 307,153 |  |  |  | — |
Total finite lived intangible assets |  |  |  | $ | 21,583,538 |  |  | $ | 19,993,014 |  |  | $ | 1,590,524 |
December 31, 2018 |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 5 years |  | $ | 12,720,000 |  |  | $ | 12,720,000 |  |  | $ | — |
Trademarks |  | 7 years |  |  | 6,235,068 |  |  |  | 4,860,305 |  |  |  | 1,374,763 |
Patents |  | 7 years |  |  | 230,683 |  |  |  | 230,683 |  |  |  | — |
Software |  | 7 years |  |  | 1,934,308 |  |  |  | 698,150 |  |  |  | 1,236,158 |
Customer lists |  | 5 years |  |  | 307,153 |  |  |  | 307,153 |  |  |  | — |
Total finite lived intangible assets |  |  |  | $ | 21,427,212 |  |  | $ | 18,816,291 |  |  | $ | 2,610,921 |
December 31, 2019 and 2018 |  | Estimated Useful Life |  | Carrying Amount |
Indefinite lived intangible asset: |  |  |  |  |  |
Goodwill |  | Indefinite |  | $ | 58,208,490 |
We compute amortization using the straight-line method over the estimated useful lives of the finite lived intangible assets. The amortization expense related to finite lived intangible assets was $1,176,722 and $2,499,349 for the years ended December 31, 2019 and 2018, respectively. We expect amortization expense to be approximately $780,000 for the year ending December 31, 2020, approximately $295,000 for the year ending December 31, 2021, approximately $245,000 for the year ending December 31, 2022, approximately $115,000 for the year ending December 31, 2023, approximately $90,000 for the year ending December 31, 2024, and approximately $65,000 thereafter. We have no indefinite-lived intangible assets other than goodwill. The goodwill is not deductible for tax purposes. As required by FASB ASC Topic 350, Intangibles – Goodwill and Other, we performed our goodwill impairment analysis in the third quarter of 2019 and 2018 with no impairment recorded in either period.

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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