Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 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

 

12 - 30 years

Non-compete agreements

 

9 years

Software

 

3 years

 

Other intangible assets, net consisted of the following at December 31, 2021 and 2020:

 

 

2021

 

 

2020

 

Patents

 

$

13,507,997

 

 

$

13,507,997

 

Customer relationships

 

 

14,040,856

 

 

 

13,942,115

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Software

 

 

283,340

 

 

 

183,415

 

Other intangible assets, gross

 

 

31,373,160

 

 

 

31,174,494

 

Less: accumulated amortization

 

 

(17,695,896

)

 

 

(15,087,598

)

Other intangible assets, net

 

$

13,677,264

 

 

$

16,086,896

 

 

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows:

 

Year Ended December 31,

 

Total

 

2022

 

$

2,325,888

 

2023

 

 

1,459,601

 

2024

 

 

1,444,126

 

2025

 

 

1,436,968

 

2026

 

 

1,436,968

 

Thereafter

 

 

5,523,691

 

Total amortization

 

$

13,627,242