| 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
|
|
|