GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS

5. Goodwill And Other Intangible Assets

5. GOODWILL AND OTHER INTANGIBLE ASSETS

The following table sets forth the changes in the carrying amount of goodwill for the three months ended March 31, 2022 and year ended December 2021:

	Total
Balance at December 31, 2021	$	1,484,966
2022 Acquisitions		-
Balance at March 31, 2022	$	1,484,966

The following table sets forth the gross carrying amounts and accumulated amortization of the Company’s intangible assets as of March 31, 2022 and December 31, 2021:

	Gross Carrying Amount		Impairment		Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Capitalized software	$	2,724,678	$	-	$	(2,131,897	)	$	592,781
Customer relationships		3,713,434		-		(643,560	)		3,069,874
Acquired technology		1,527,186		-		(1,249,220	)		277,966
Total definite-lived intangible assets at December 31, 2021		7,965,297		-		(4,024,677	)		3,940,621
Capitalized software		2,787,974		-		(2,226,049	)		561,925
Customer relationships		3,713,434		-		(823,433	)		2,890,001
Acquired technology		1,527,186		-		(1,367,152	)		160,034
Total definite-lived intangible assets at March 31, 2022	$	8,028,594	$	-	$	(4,416,634	)	$	3,611,960

Amortization expense of intangible assets was $391,957 for the three months ended March 31, 2022. The Company’s amortization is based on no residual value using the straight-line amortization method as it best represents the benefit of the intangible assets.