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GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 3. GOODWILL AND OTHER INTANGIBLE ASSETS The following table rolls forward the Company’s goodwill balance for the periods ending June 30, 2022 and December 31, 2021. As discussed in Note 1 - Prior Period Adjustments, a $(503,345) adjustment was identified for goodwill which impacted the closing December 31, 2020 balance in the same amount. Accordingly, the December 31, 2020 balance is adjusted in the following table from the originally reported balance of $9,265,070 to $8,761,725. SCHEDULE OF IMPAIRMENT OF GOODWILL
|  | Goodwill |
December 31, 2020 |  | $ | 8,761,725 |
Goodwill recognized in connection with Kush acquisition on May 1, 2021 |  | $ | 1,288,552 |
December 31, 2021 |  | $ | 10,050,277 |
Goodwill recognized in connection with Medigap acquisition on January 10, 2022 |  | $ | 19,199,008 |
Goodwill recognized in connection with Barra acquisition on April 26, 2022 |  |  | 4,236,822 |
June 30, 2022 |  | $ | 33,486,107 |
The following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization period as of June 30, 2022: SCHEDULE OF INTANGIBLE ASSETS AND WEIGHTED-AVERAGE REMAINING AMORTIZATION PERIOD
|  | Weighted Average Remaining Amortization period (Years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Trade name and trademarks |  |  | 4.9 |  |  | $ | 2,142,858 |  |  | $ | (804,020 | ) |  | $ | 1,338,838 |
Internally developed software |  |  | 4.5 |  |  |  | 1,326,158 |  |  |  | (131,655 | ) |  |  | 1,194,503 |
Customer relationships |  |  | 9.53 |  |  |  | 11,922,290 |  |  |  | (1,517,174 | ) |  |  | 10,405,116 |
Purchased software |  |  | - |  |  |  | 562,327 |  |  |  | (562,327 | ) |  |  | - |
Video Production Assets |  |  | 0.6 |  |  |  | 50,000 |  |  |  | (23,242 | ) |  |  | 26,758 |
Non-competition agreements |  |  | 2.4 |  |  |  | 3,504,810 |  |  |  | (1,827,590 | ) |  |  | 1,677,220 |
Contracts Backlog |  |  | 0.5 |  |  |  | 210,000 |  |  |  | (100,684 | ) |  |  | 109,316 |
|  |  |  |  |  | $ | 19,718,443 |  |  | $ | (4,966,692 | ) |  | $ | 14,751,751 |
The following table sets forth the major categories of the Company’s intangible assets and the weighted-average remaining amortization period as of December 31, 2021:
|  | Weighted Average Remaining Amortization period (Years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Trade name and trademarks |  |  | 3.5 |  |  | $ | 1,777,475 |  |  | $ | (609,822 | ) |  | $ | 1,167,653 |
Internally developed software |  |  | 4.7 |  |  |  | 595,351 |  |  |  | (28,443 | ) |  |  | 566,908 |
Customer relationships |  |  | 7.7 |  |  |  | 4,237,290 |  |  |  | (1,048,726 | ) |  |  | 3,188,564 |
Purchased software |  |  | 0.6 |  |  |  | 562,327 |  |  |  | (452,985 | ) |  |  | 109,342 |
Video Production Assets |  |  | 1.0 |  |  |  | 20,000 |  |  |  | - |  |  |  | 20,000 |
Non-competition agreements |  |  | 2.9 |  |  |  | 3,504,809 |  |  |  | (1,478,376 | ) |  |  | 2,026,433 |
|  |  |  |  |  | $ | 10,697,252 |  |  | $ | (3,618,352 | ) |  | $ | 7,078,900 |
The following table reflects expected amortization expense as of June 30, 2022, for each of the following five years and thereafter: SCHEDULE OF AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLES ASSETS
Years ending December 31, |  | Amortization Expense |
2022 (remainder of year) |  | $ | 1,374,512 |
2023 |  |  | 2,461,552 |
2024 |  |  | 2,083,450 |
2025 |  |  | 1,703,824 |
2026 |  |  | 1,463,747 |
Thereafter |  |  | 5,664,666 |
Total |  | $ | 14,751,751 |

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