INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

NOTE 9. INTANGIBLE ASSETS AND GOODWILL

Intangible assets

Intangible assets as of December 31 consist of:

	2021								2020
							Estimated								Estimated
			Accumulated				Life				Accumulated				Life
		Gross	Amortization			Net	(in years)			Gross	Amortization			Net	(in years)
Tradename	$	6,323,780	$	323,967	$	5,999,813		10	$	1,050,000	$	65,625	$	984,375		10

Estimated amortization expense for the next five years is as follows:

Year ending December 31,	Amount
2022	$	622,602
2023		622,602
2024		622,602
2025		622,602
2026		622,602
Thereafter		2,886,803
Total	$	5,999,813

Amortization expense was $308,342 and $65,625 for the years ended December 31, 2021 and 2020, respectively.

Goodwill

The following represents a summary of changes in the carry amount of goodwill for the years ended December 31, 2021 and 2020:

Balance as of December 31, 2019	$	—
Goodwill acquired		2,484,200
Balance as of December 31, 2020	$	2,484,200
Goodwill acquired		8,799,657
Impairment		(2,484,200)
Balance as of December 31, 2021	$	8,799,657