Quarterly report pursuant to Section 13 or 15(d)

Intangible Asset - Customer Lists

v3.23.1
Intangible Asset - Customer Lists
3 Months Ended
Mar. 31, 2023
Intangible Asset [Abstract]  
INTANGIBLE ASSET - CUSTOMER LISTS
G. INTANGIBLE ASSET - Customer Lists:

 

Wildman Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $2,253,690. The intangible asset - customer list is amortized over 10 years. At March 31, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of $336,282 and $299,912, respectively.

 

Amortization expense related to intangible asset - customer list was $48,843 and $53,055 for the three months ended March 31, 2023 and 2022.

 

Estimated future amortization expense for the years:

 

2023   $ 191,741  
2024     191,741  
2025     191,741  
2026     191,741  
2027     191,741  
    $ 958,704  

 

G.A.P. Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $2,275,290. The intangible asset - customer list is amortized over 10 years. At March 31, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of $469,000 and zero, respectively.

 

Amortization expense related to intangible asset - customer lists was $49,066 and $37,922 for the three months ended March 31, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023   $ 180,629  
2024     180,629  
2025     180,629  
2026     180,629  
2027     180,629  
    $ 903,145  

 

Trend Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $1,659,831. The intangible asset - customer list is amortized over 10 years. At December 31, 2022 and 2021, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of zero.

 

Amortization expense related to intangible asset - customer lists was $41,496 and zero for the three months ended March 31, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023   $ 165,983  
2024     165,983  
2025     165,983  
2026     165,983  
2027     165,983  
    $ 829,916  

 

Premier Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note J and Note N. The Company, using a Contingent Earn-Out Calculation, made the determination that the amounts allocated to Intangible Asset - Customer List amounted to $1,032,600. The intangible asset - customer list is amortized over 10 years. At March 31, 2023 and December 31, 2022, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of zero.

 

Amortization expense related to intangible asset - customer lists was $28,315 and zero for the three months ended March 31, 2023 and 2022, respectively.

 

Estimated future amortization expense for the years:

 

2023   $ 113,260  
2024     113,260  
2025     113,260  
2026     113,260  
2027     113,260  
    $ 566,300