Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

v3.20.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2019
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

 

52 - 240 months

Client relationships

 

264 months

Trademarks

 

360 months

Non-compete agreements

 

108 months

Internally-developed software

 

12 - 36 months

 

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

 

 

2019

 

 

2018

 

Patents

 

$

13,485,000

 

 

$

13,485,000

 

Customer relationships

 

 

3,400,000

 

 

 

3,400,000

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Internally-developed software

 

 

183,415

 

 

 

126,015

 

Other intangible assets, gross

 

 

20,609,382

 

 

 

20,551,982

 

Less: accumulated amortization

 

 

(13,178,739

)

 

 

(11,661,730

)

Other intangible assets, net

 

$

7,430,643

 

 

$

8,890,252

 

 

Schedule of Estimated Future Amortization Expense

Estimated future amortization expense is as follows:

 

December 31,

 

Total

 

2020

 

$

1,484,922

 

2021

 

 

1,417,422

 

2022

 

 

1,119,217

 

2023

 

 

252,930

 

2024

 

 

252,930

 

Thereafter

 

 

2,903,222

 

Total amortization

 

$

7,430,643