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GOODWILL & INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & INTANGIBLE ASSETS

NOTE 6 – GOODWILL & INTANGIBLE ASSETS

  

Goodwill

 

The Company recorded goodwill in conjunction with the initial acquisition of Impact Engineering, Inc. (“Impact”) on March 7, 2019 and 2WR Colorado, Inc, 2WR Georgia, Inc. and MJ12 Design Studio, Inc. on July 30, 2021. The goodwill balance as of September 30, 2021 and December 31, 2020 is $8,893,047 and 902,067, respectively. Goodwill is not amortized. There is no goodwill for income tax purposes. The Company did not record any impairment charges related to goodwill for the periods ended September 30, 2021 and 2020.

 

Intangible Assets Other Than Goodwill

 

Finite-lived intangible assets as of September 30, 2021 and December 31, 2020 consisted of the following:

 

   September 30, 2021 
   Cost   Accumulated Amortization   Net Book Value 
Customer relationships   834,000    18,905    815,095 
Trademarks and trade names   499,000    14,333    484,667 
Backlog and Other   519,004    72,979    446,025 
    1,852,004    106,217    1,745,787 

 

   December 31, 2020 
   Cost   Accumulated Amortization   Net Book Value 
Other   89,004    4,490    84,514 
    89,004    4,490    84,514 

 

Amortization expense for intangible assets for the nine months ended September 30, 2021 and 2020 was $101,727 and $1,228, respectively. Amortization expense for intangible assets for the three months ended September 30, 2021 and 2020 was $101,149 and $409, respectively.