Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

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.