AMORTIZATION OF INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

AMORTIZATION OF INTANGIBLE ASSETS

NOTE 19 – AMORTIZATION OF INTANGIBLE ASSETS

All of the Company’s current identified intangible assets were assumed upon consummation of the Empire acquisition on October 1, 2021. Identified intangible assets consisted of the following at the dates indicated below:

	December 31, 2021
	Gross carrying amount		Accumulated amortization			Carrying value		Estimated useful life
Intellectual Property	$	3,036,000	$	(151,800	)	$	2,884,200	5 years
Customer List		2,239,000		(55,975	)		2,183,025	10 years
Licenses		21,274,000		(531,850	)		20,742,150	10 years
Total finite-lived intangibles		26,549,000		(739,625	)		25,809,375
Total intangible assets, net	$	26,549,000	$	(739,625	)	$	25,809,375

The weighted-average amortization period for intangible assets we acquired during the year ended December 31, 2021 was approximately 9.43 years. There were no intangible assets acquired during the year ended December 31, 2020.

Amortization expense for intangible assets was $739,625 and $0 for the years ended December 31, 2021 and 2020, respectively. Total estimated amortization expense for our intangible assets for the years 2021 through 2026 is as follows:

Year ended December 31,
2022	$	2,958,500
2023		2,958,500
2024		2,958,000
2025		2,958,000
2026		2,806,700
Thereafter		11,168,675