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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets The components of goodwill and other intangible assets were as follows:
March 31, 2021 (Unaudited) |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer lists |  | 5 years |  | $ | 5,480,000 |  |  | $ | 492,021 |  |  | $ | 4,987,979 |
Software |  | 7 years |  |  | 2,179,498 |  |  |  | 1,361,939 |  |  |  | 817,559 |
Trademarks |  | 7 years |  |  | 426,288 |  |  |  | 26,295 |  |  |  | 399,993 |
Patents |  | 7 years |  |  | 230,683 |  |  |  | 230,683 |  |  |  | — |
Total finite lived intangible assets |  |  |  | $ | 8,316,469 |  |  | $ | 2,110,938 |  |  | $ | 6,205,531 |
December 31, 2020 |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer lists |  | 5 years |  | $ | 5,480,000 |  |  | $ | 218,022 |  |  | $ | 5,261,978 |
Software |  | 7 years |  |  | 2,153,061 |  |  |  | 1,285,058 |  |  |  | 868,003 |
Trademarks |  | 7 years |  |  | 410,000 |  |  |  | 11,651 |  |  |  | 398,349 |
Patents |  | 7 years |  |  | 230,683 |  |  |  | 230,683 |  |  |  | — |
Total finite lived intangible assets |  |  |  | $ | 8,273,744 |  |  | $ | 1,745,414 |  |  | $ | 6,528,330 |
March 31, 2021 (Unaudited) and December 31, 2020 |  | Estimated Useful Life |  | Carrying Amount |  |  |  |  |
Indefinite lived intangible asset: |  |  |  |  |  |  |  |  |  |
Goodwill |  | Indefinite |  | $ | 66,310,385 |  |  |  |  |
We compute amortization using the straight-line method over the useful lives of the finite lived intangible assets. Amortization expense related to finite lived intangible assets was $365,524 and $297,351 for the three months ended March 31, 2021 and 2020, respectively. We have no indefinite-lived intangible assets other than goodwill. $58.2 million of the goodwill is not deductible for tax purposes, while $8.1 million of goodwill added in the Acquisition is deductible over its tax-basis life. We performed our annual impairment analysis for goodwill and other intangible assets in the third quarter of 2020 with no impairment recorded.

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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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