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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Intangible assets consisted of the following at December 31, 2021 and 2020:

 

   December 31, 2021   December 31, 2020 
   Gross
value		   Accumulated
amortization		   Net
carrying
value		   Gross
value		   Accumulated
amortization		   Net
carrying
value		 
Amortized intangible assets:                              
Licenses (video solutions segment)  $194,286   $65,578   $128,708   $104,099   $52,872   $51,227 
Patents and trademarks (video solutions segment)   493,945    233,471    260,474    264,490    135,236    129,254 
Sponsorship agreement network (ticketing segment)   5,600,000    373,333    5,226,667    —    —    — 
SEO content (ticketing segment)   600,000    

50,000

    

550,000

    —    —    — 

Personal seat licenses (ticketing

segment)

   201,931    2,244    199,687    —    —    — 
                               
    7,090,162    724,626    6,365,536    368,589    188,108    180,481 
                               
Indefinite life intangible assets:                              
Goodwill (ticketing and revenue cycle management segments)   9,931,547    —    9,931,547    —    —    — 
Trade name (ticketing segment)   600,000    —    600,000    —    —    — 

Patents and trademarks pending

(video solutions segment)

   5,430    —    5,430    212,083    —    212,083 
                               
Total  $17,627,139   $724,626   $16,902,513   $580,672   $188,108   $392,564 

 

Patents and trademarks pending will be amortized beginning at the time they are issued by the appropriate authorities. If issuance of the final patent or trademark is denied, then the amount deferred will be immediately charged to expense.

 

Amortization expense for the years ended December 31, 2021 and 2020 was $563,490 and $188,108, respectively. Estimated amortization for intangible assets with definite lives for the next five years ending December 31 and thereafter is as follows:

 

Year ending December 31:    
2022  $1,391,398 
2023   1,329,438 
2024   1,328,998 
2025   1,241,197 
2026 and thereafter   1,074,505 
Total  $

6,365,536