Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

v3.21.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 31, 2021
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:

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Patents

 

$

13,507,997

 

 

$

13,507,997

 

Customer relationships

 

 

13,942,115

 

 

 

13,942,115

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Software

 

 

233,315

 

 

 

183,415

 

Other intangible assets, gross

 

 

31,224,394

 

 

 

31,174,494

 

Less: accumulated amortization

 

 

(15,736,769

)

 

 

(15,087,598

)

Other intangible assets, net

 

$

15,487,625

 

 

$

16,086,896

 

 

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows:

 

Twelve Months Ending March 31,

 

Total

 

2022

 

$

2,609,479

 

2023

 

 

2,023,514

 

2024

 

 

1,446,909

 

2025

 

 

1,425,776

 

2026

 

 

1,424,276

 

Thereafter

 

 

6,557,671

 

Total amortization

 

$

15,487,625