Quarterly report pursuant to Section 13 or 15(d)

Intangible Asset - Customer List

v3.22.2.2
Intangible Asset - Customer List
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSET - CUSTOMER LIST
E. INTANGIBLE ASSET - Customer List:

 

Wildman Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note H and Note L. 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 June 30, 2022 and December 31, 2021, the Company’s evaluation of Intangible Asset - Customer List has resulted in accumulated impairment of $139,990 and $69,583, respectively.

 

Amortization expense related to intangible asset - customer list was $106,110 and $75,123 for the six months ended June 30, 2022 and 2021.

 

Estimated future amortization expense for the twelve months ended June 30,:

 

2023   $ 211,370  
2024     211,370  
2025     211,370  
2026     211,370  
2027     211,370  
    $ 1,056,850  

 

G.A.P. Acquisition

 

The Company has acquired select assets and the customer list of an entity as discussed in Note H and Note L. 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 June 30, 2022 and December 31, 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 $94,804 and zero for the six months ended June 30, 2022 and 2021.

 

Estimated future amortization expense for the twelve months ended June 30,:

 

2023   $ 227,529  
2024     227,529  
2025     227,529  
2026     227,529  
2027     227,529  
    $ 1,137,645