Intangible Assets

9 Months Ended

Sep. 30, 2022

Intangible Assets

Note 6 Intangible Assets

Note 6 Intangible assets

Intangible assets consist of customer relationships and are amortized on a straight-line basis over 15 years. The entire gross carrying amount of customer relationships relates to the acquisition of ANS and was recorded in the second quarter of 2022 along with amortization expense of $861,222 upon finalization of purchase accounting. The intangible assets were a measurement period adjustment to goodwill (see “Note 5 Business acquisitions”). Amortization expense of $198,744 and $1,059,966 is included within depreciation and amortization expense for the three and nine months ended September 30, 2022, respectively, on the consolidated statement of operations. The following is included in intangible assets, net on the consolidated balance sheet:

	September 30, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	11,924,617	$	(1,059,966	)	$	10,864,651
Total	$	11,924,617	$	(1,059,966	)	$	10,864,651

Estimated future amortization expense for the remainder of 2022, the next five years and thereafter is as follows:

Remainder of 2022	$	198,746
2023		794,974
2024		794,974
2025		794,974
2026		794,974
2027		794,974
Thereafter		6,691,035
Total	$	10,864,651