Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

v3.21.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [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

 

 

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows:

 

Year Ended December 31,

 

Total

 

2021

 

$

2,594,767

 

2022

 

 

2,296,563

 

2023

 

 

1,430,276

 

2024

 

 

1,427,276

 

2025

 

 

1,424,276

 

Thereafter

 

 

6,913,738

 

Total amortization

 

$

16,086,896