| GOODWILL AND INTANGIBLE ASSETS |
| 6. |
GOODWILL AND INTANGIBLE ASSETS |
The changes in goodwill
are as follows:
| |
|
December 31,
2020 |
|
|
December 31,
2019 |
|
| Balance, beginning of period |
|
$ |
17,798,932 |
|
|
$ |
8,752,909 |
|
| Goodwill additions |
|
|
45,152,529 |
|
|
|
9,046,023 |
|
| Impairments |
|
|
- |
|
|
|
- |
|
| Balance, end of period |
|
$ |
62,951,461 |
|
|
$ |
17,798,932 |
|
Intangible assets on the Company's consolidated
balance sheets consist of the following:
| |
|
December 31, 2020 |
|
|
December 31, 2019 |
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
| Tradenames |
|
$ |
13,923,000 |
|
|
$ |
(398,567 |
) |
|
$ |
- |
|
|
$ |
- |
|
| Patents, trademarks |
|
|
100,000 |
|
|
|
(9,051 |
) |
|
|
100,000 |
|
|
|
- |
|
| Customer relationships |
|
|
6,297,000 |
|
|
|
(137,814 |
) |
|
|
- |
|
|
|
--- |
|
| Non-competes |
|
|
796,000 |
|
|
|
(21,743 |
) |
|
|
- |
|
|
|
- |
|
| Capitalized software |
|
|
1,162,603 |
|
|
|
(221,884 |
) |
|
|
138,280 |
|
|
|
(5,000 |
) |
| |
|
$ |
22,278,603 |
|
|
$ |
(789,059 |
) |
|
$ |
238,280 |
|
|
$ |
(5,000 |
) |
Amortization expense for the
years ended December 31, 2020 and 2019 was $789,058 and $5,000, respectively.
| Future amortization expense is as follows: |
|
|
|
| 2021 |
|
$ |
4,378,876 |
|
| 2022 |
|
|
4,396,281 |
|
| 2023 |
|
|
4,169,321 |
|
| 2024 |
|
|
4,069,439 |
|
| 2025 |
|
|
3,563,940 |
|
| 2026 |
|
|
911,687 |
|
| Total |
|
$ |
21,489,544 |
|