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GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS |
NOTE 4 - GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 4 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill is derived from our 2019 business acquisition as well as our three asset acquisitions in the first and second quarters of 2021. The aggregate goodwill recognized from our three 2021 acquisitions is $1,412,582. The Company performed its most recent annual goodwill impairment test as of December 31, 2020 using market data and discounted cash flow analysis. Based on that test, we have determined that the carrying value of goodwill was not impaired at December 31, 2020. There were also no indicators of impairment at June 30, 2021. Intangible Assets During the three months ended March 31, 2021, we acquired certain intangible assets pursuant to our Scouted and Upsider acquisitions described in Note 12. During the three months ended June 30, 2021, we acquired certain intangible assets pursuant to our OneWire acquisition described in Note 12. These intangible assets aggregate approximately $5.9 million and consist primarily of sales and client relationships, contracts, intellectual property, partnership and vendor agreements and certain other assets. We completed the accounting and valuations of the assets acquired and, accordingly, the estimated fair values of these intangible assets are provisional pending the final valuations which will not exceed one year in accordance with ASC 805. Intangible assets are summarized as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
Customer contracts |  | $ | 5,506,808 |  |  | $ | 233,107 |
License |  |  | 2,103,926 |  |  |  | 1,726,965 |
Domains |  |  | 32,752 |  |  |  | - |
|  |  | 7,643,486 |  |  |  | 1,960,072 |
Less accumulated amortization |  |  | (1,998,477 | ) |  |  | (1,164,208 | )
Carrying value |  | $ | 5,645,009 |  |  | $ | 795,864 |
Amortization expense of intangible assets was $675,095 and $159,173 for the three months ended June 30, 2021 and 2020, respectively, and was $834,268 and $318,346 for the six months ended June 30, 2021 and 2020, respectively, related to the intangible assets acquired in business combinations. Approximate future amortization of intangible assets is expected to be as follows: 2021, $1,236,000; 2022, $1,995,000; 2023 $1,835,000; 2024, $461,000; 2025, $78,000; 2026, $20,000; and thereafter, $20,000. The Company began amortizing intangible assets from the Scouted, Upsider and OneWire acquisitions in the second quarter of 2021.

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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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