Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

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.