Quarterly report pursuant to Section 13 or 15(d)

Long-Lived Intangible Assets

v3.21.1
Long-Lived Intangible Assets
3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Long-Lived Intangible Assets

NOTE 5 – LONG LIVED INTANGILE ASSETS

Definite lived intangible assets related to acquisition are as follows, as of March 31, 2021:

 

 

 

Expected

Life

 

Remaining

Months

 

Gross

Intangible

Assets

 

 

Accumulated

Amortization

 

 

Net

Intangible

Assets

 

Customer lists and relationships

 

36 to 60 months

 

7 to 29 months

 

$

2,084,515

 

 

$

(1,695,302

)

 

$

389,213

 

Drawings and technology

 

36 months

 

0 months

 

 

760,207

 

 

 

(760,207

)

 

 

-

 

Trade name, trademarks & other

 

24 to 36 months

 

7 months

 

 

447,274

 

 

 

(383,202

)

 

 

64,072

 

Non-compete

 

36 months

 

7 months

 

 

246,797

 

 

 

(201,725

)

 

 

45,072

 

 

 

 

 

 

 

$

3,538,793

 

 

$

(3,040,436

)

 

$

498,357

 

 

Definite lived intangibles assets related to acquisitions are as follows, as of December 31, 2020:

 

 

 

Expected

Life

 

Remaining

Months

 

Gross

Intangible

Assets

 

 

Accumulated

Amortization

 

 

Net

Intangible

Assets

 

Customer lists and relationships

 

36 to 60 months

 

10 to 32 months

 

$

2,084,515

 

 

$

(1,578,178

)

 

$

506,337

 

Drawings and technology

 

36 months

 

0 months

 

 

760,207

 

 

 

(760,207

)

 

 

-

 

Trade name, trademarks & other

 

24 to 36 months

 

10 months

 

 

447,274

 

 

 

(355,742

)

 

 

91,532

 

Non-compete

 

36 months

 

10 months

 

 

246,797

 

 

 

(182,409

)

 

 

64,388

 

 

 

 

 

 

 

$

3,538,793

 

 

$

(2,876,536

)

 

$

662,257

 

 

As of March 31, 2021, amortization expense of the definite lived intangible assets for the years remaining is as follows:

2021

 

 

2022

 

 

2023

 

 

Total

 

$

392,972

 

 

$

63,231

 

 

$

42,154

 

 

$

498,357

 

 

Amortization expense recognized during the three months ended March 31, 2021 and 2020 was $163,900 and $174,525, respectively.