Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.21.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Other Intangible Assets, Net The following intangible assets have finite lives and are being amortized using the straight-line method over their estimated economic lives as follows:

Patents

 

4 - 20 years

Client relationships

 

9 - 22 years

Trademarks

 

30 years

Non-compete agreements

 

9 years

Internally-developed software

 

3 years

 

Other intangible assets, net consisted of the following at December 31, 2020 and 2019:

 

 

2020

 

 

2019

 

Patents

 

$

13,507,997

 

 

$

13,485,000

 

Customer relationships

 

 

13,942,115

 

 

 

3,400,000

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Internally-developed software

 

 

183,415

 

 

 

183,415

 

Other intangible assets, gross

 

 

31,174,494

 

 

 

20,609,382

 

Less: accumulated amortization

 

 

(15,087,598

)

 

 

(13,178,739

)

Other intangible assets, net

 

$

16,086,896

 

 

$

7,430,643