| INTANGIBLE ASSETS AND GOODWILL |
NOTE
8 - INTANGIBLE ASSETS AND GOODWILL
The
following table summarizes identifiable intangible assets of the Company as of December 31, 2021 and March 31, 2022:
SCHEDULE
OF INTANGIBLE ASSETS
| March 31, 2022 (Unaudited) |
|
Useful Lives
(In Years)
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
| Amortized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
9-12 |
|
$ |
19,264 |
|
|
$ |
(4,763 |
) |
|
$ |
14,501 |
|
| Trademark and tradename |
|
3-15 |
|
|
7,553 |
|
|
|
(2,296 |
) |
|
|
5,257 |
|
| Patents |
|
7-11 |
|
|
628 |
|
|
|
(284 |
) |
|
|
344 |
|
| Technology |
|
7 |
|
|
10,911 |
|
|
|
(6,344 |
) |
|
|
4,567 |
|
| Favorable contract interest |
|
4 |
|
|
388 |
|
|
|
(388 |
) |
|
|
- |
|
| Covenant not to compete |
|
5 |
|
|
208 |
|
|
|
(194 |
) |
|
|
14 |
|
| |
|
|
|
|
38,952 |
|
|
|
(14,269 |
) |
|
|
24,683 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unamortized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer List |
|
|
|
|
104 |
|
|
|
- |
|
|
|
104 |
|
| Trademark and tradename |
|
|
|
|
61 |
|
|
|
- |
|
|
|
61 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
165 |
|
|
|
- |
|
|
|
165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
$ |
39,117 |
|
|
$ |
(14,269 |
) |
|
$ |
24,848 |
|
| December 31, 2021 |
|
Useful Lives
(In Years) |
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
| Amortized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
9-12 |
|
$ |
19,264 |
|
|
$ |
(4,356 |
) |
|
$ |
14,908 |
|
| Trademark and tradename |
|
3-15 |
|
|
7,553 |
|
|
|
(2,096 |
) |
|
|
5,457 |
|
| Patents |
|
7-11 |
|
|
628 |
|
|
|
(262 |
) |
|
|
366 |
|
| Technology |
|
7 |
|
|
10,911 |
|
|
|
(5,709 |
) |
|
|
5,202 |
|
| Favorable contract interest |
|
4 |
|
|
388 |
|
|
|
(388 |
) |
|
|
- |
|
| Covenant not to compete |
|
5 |
|
|
208 |
|
|
|
(184 |
) |
|
|
24 |
|
| |
|
|
|
|
38,952 |
|
|
|
(12,995 |
) |
|
|
25,957 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unamortized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer List |
|
|
|
|
104 |
|
|
|
- |
|
|
|
104 |
|
| Trademark and tradename |
|
|
|
|
61 |
|
|
|
- |
|
|
|
61 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
165 |
|
|
|
- |
|
|
|
165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
|
$ |
39,117 |
|
|
$ |
(12,995 |
) |
|
$ |
26,122 |
|
At
March 31, 2022, the weighted-average amortization period for the intangible assets was 9.1
years. At March 31, 2022, 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,
7.0,
4.3,
0.0
and 5.0
years, respectively.
Amortization
expense for the three-month periods ended March 31, 2021 and March 31, 2022 was $1,299
and $1,274,
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 AMORTIZATION EXPENSE
| Year ending December 31: |
|
|
|
| 2022 (remaining) |
|
$ |
3,805 |
|
| 2023 |
|
|
5,035 |
|
| 2024 |
|
|
2,622 |
|
| 2025 |
|
|
2,495 |
|
| 2026 |
|
|
2,413 |
|
| 2027 |
|
|
2,233 |
|
| Thereafter |
|
|
6,080 |
|
| Finite-Lived intangible
assets |
|
$ |
24,683 |
|
There
have been no changes in the carrying amount of goodwill from January 1, 2021 to March 31, 2022.
For
the three-month period ended March 31, 2022, the Company did not identify any indicators of impairment.
|