Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 7. Goodwill and Intangible Assets

Goodwill

As of September 30, 2020, the carrying value of goodwill is $11.0 million which is allocated to the Global Bioservices reportable segment.

Intangible Assets

The following table presents our intangible assets as of September 30, 2020:

							Weighted
					Net		Average
	Gross		Accumulated		Carrying		Amortization
	Amount		Amortization		Amount		Period (years)
Non-compete agreement	$	390,000	$	104,000	$	286,000	5
Technology		510,000		136,000		374,000	5
Customer relationships		3,900,000		433,333		3,466,667	12
Cryogene trade name/trademark		480,000		42,667		437,333	15
Cryoport patents and trademarks		374,499		47,375		327,124	—
Total	$	5,654,499	$	763,375	$	4,891,124

The following table presents our intangible assets as of December 31, 2019:

							Weighted
					Net		Average
	Gross		Accumulated		Carrying		Amortization
	Amount		Amortization		Amount		Period (years)
Non-compete agreement	$	390,000	$	45,500	$	344,500	5
Technology		510,000		59,500		450,500	5
Customer relationships		3,900,000		189,583		3,710,417	12
Cryogene trade name/trademark		480,000		18,667		461,333	15
Cryoport patents and trademarks		258,203		47,375		210,828	—
Total	$	5,538,203	$	360,625	$	5,177,578

Amortization expense for intangible assets for the three and nine months ended September 30, 2020 was $134,250 and $402,800, respectively.

Amortization expense for intangible assets for the three and nine months ended September 30, 2019 was $134,300 and $179,000, respectively.

Expected future amortization of intangible assets as of September 30, 2020 is as follows:

Years Ending December 31,	Amount
Remainder of 2020	$	134,250
2021		537,000
2022		537,000
2023		537,000
2024		432,000
Thereafter		2,386,750
	$	4,564,000