INTANGIBLE ASSETS AND GOODWILL
|6 Months Ended|
Jun. 30, 2021
|Goodwill and Intangible Assets Disclosure [Abstract]|
|INTANGIBLE ASSETS AND GOODWILL||
NOTE 8 - INTANGIBLE ASSETS AND GOODWILL
The following table summarizes identifiable intangible assets of the Company as of December 31, 2020 and June 30, 2021:
SCHEDULE OF INTANGIBLE ASSETS
Covenant Not to Complete [Member]
At June 30, 2021, the weighted-average amortization period for the intangible assets was 9.2 years. At June 30, 2021, the weighted-average amortization periods for customer relationships, trademarks and trade names, patents, technology, favorable contract interests and covenant not to compete were 11.9, 9.6, 9.8, 4.3, 4.0 and 5.0 years, respectively.
Amortization expense for the three- and six-month periods ended June 30, 2020 was $1,333 and $2,665 respectively, and for the three- and six-month periods ended June 30, 2021 was $1,298 and $2,597, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
There have been no changes in the carrying amount of goodwill from January 1, 2020 to June 30, 2021.
For the six-month period ended June 30, 2021, the Company did not identify any indicators of impairment.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef