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GOODWILL & INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & INTANGIBLE ASSETS

NOTE 6 – GOODWILL & INTANGIBLE ASSETS

 

Goodwill

 

The Company has recorded goodwill in conjunction with the acquisitions it has completed. The goodwill balances as of September 30, 2022 and December 31, 2021 were $12,127,124 and $7,992,121, 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, 2022 and 2021.

 

Intangible Assets Other Than Goodwill

 

Intangible assets as of September 30, 2022 and December 31, 2021 consisted of the following:

 

   September 30, 2022 
Finite-lived intangible assets:  Cost   Accumulated Amortization   Net Book Value 
Customer relationships  $2,987,100   $243,940   $2,743,160 
Trademarks and trade names   1,737,000    253,241    1,483,759 
Backlog and Other   713,837    551,920    161,917 
Total finite-lived intangible assets:   5,437,937    1,049,101    4,388,836 
                
Indefinite-lived intangible assets:               
Patents   44,276    -    44,276 
Trade name   28,291    -    28,291 
Total indefinite-lived intangible assets:   72,567    -    72,567 
Total Intangible assets, net  $5,510,504   $1,049,101   $4,461,403 

 

                
   December 31, 2021 
   Cost   Accumulated Amortization   Net Book Value 
Customer relationships  $834,100   $49,649   $784,451 
Trademarks and trade names   499,000    41,583    457,417 
Backlog and Other   518,404    184,806    333,598 
Total  $1,851,504   $276,039   $1,575,466 

 

The estimated future amortization expense for intangible assets subject to amortization as of September 30, 2022, is summarized below:

 

      
   Estimated Future 
   Amortization Expense 
Remainder of 2022  $263,428 
2023   883,978 
2024   799,111 
2025   799,111 
Thereafter   1,643,208 
Total  $4,388,836 

 

Amortization expense for intangible assets for the nine months ended September 30, 2022 and 2021 was $773,063 and $101,727, respectively. Amortization expense for intangible assets for the three months ended September 30, 2022 and 2021 was $304,339 and $101,149, respectively.