Schedule of Intangible assets |
Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2021 |
|
2020 |
Acquired data |
|
$ |
1,300,336 |
|
$ |
1,300,336 |
Acquired software |
|
|
183,072 |
|
|
100,000 |
Acquired customer lists |
|
|
2,162,000 |
|
|
— |
Restrictive covenant agreements |
|
|
70,000 |
|
|
— |
|
|
|
3,715,408 |
|
|
1,400,336 |
Less: accumulated amortization |
|
|
(768,798) |
|
|
(328,486) |
Intangible assets, net |
|
$ |
2,946,610 |
|
$ |
1,071,850 |
|
Schedule of estimated future amortization expense |
The estimated future amortization expense is as follows:
|
|
|
|
For the Years Ending December 31, |
|
Total |
2022 |
|
$ |
718,601 |
2023 |
|
|
706,206 |
2024 |
|
|
683,192 |
2025 |
|
|
270,194 |
2026 and beyond |
|
|
568,417 |
|
|
$ |
2,946,610 |
|
Schedule of Amortization of intangible assets consists |
Amortization of intangible assets consists of the following:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired |
|
Restrictive |
|
|
|
|
|
|
|
|
Acquired |
|
Acquired |
|
Customer |
|
Covenant |
|
Accumulated |
|
|
|
|
|
Data |
|
Software |
|
Lists |
|
Agreements |
|
Amortization |
|
Total |
Balance as of January 1, 2020 |
|
$ |
— |
|
$ |
100,000 |
|
$ |
— |
|
$ |
— |
|
$ |
(16,667) |
|
$ |
83,333 |
Additions |
|
|
1,300,336 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,300,336 |
Amortization expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(311,819) |
|
|
(311,819) |
Balance as of December 31, 2020 |
|
|
1,300,336 |
|
|
100,000 |
|
|
— |
|
|
— |
|
|
(328,486) |
|
|
1,071,850 |
Additions |
|
|
— |
|
|
83,072 |
|
|
2,162,000 |
|
|
70,000 |
|
|
— |
|
|
2,315,072 |
Amortization expense |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(440,312) |
|
|
(440,312) |
Balance as of December 31, 2021 |
|
$ |
1,300,336 |
|
$ |
183,072 |
|
$ |
2,162,000 |
|
$ |
70,000 |
|
$ |
(768,798) |
|
$ |
2,946,610 |
Weighted average remaining amortization period at December 31, 2021 (in years) |
|
|
3.0 |
|
|
1.0 |
|
|
5.5 |
|
|
4.9 |
|
|
4.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired |
|
Restrictive |
|
|
|
|
|
Acquired |
|
Acquired |
|
Customer |
|
Covenant |
|
Accumulated |
|
|
Data |
|
Software |
|
Lists |
|
Agreements |
|
Amortization |
Balance as of January 1, 2020 |
|
$ |
— |
|
$ |
16,667 |
|
$ |
— |
|
$ |
— |
|
$ |
16,667 |
Amortization expense |
|
|
261,819 |
|
|
50,000 |
|
|
— |
|
|
— |
|
|
311,819 |
Balance as of December 31, 2020 |
|
|
261,819 |
|
|
66,667 |
|
|
— |
|
|
— |
|
|
328,486 |
Amortization expense |
|
|
252,081 |
|
|
48,538 |
|
|
138,528 |
|
|
1,165 |
|
|
440,312 |
Balance as of December 31, 2021 |
|
$ |
513,900 |
|
$ |
115,205 |
|
$ |
138,528 |
|
$ |
1,165 |
|
$ |
768,798 |
|