Intangibles Assets and Goodwill

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles Assets and Goodwill

Note 8 – Intangibles Assets and Goodwill

The Company’s intangible assets and goodwill consisted of the following at September 30, 2021 and December 31, 2020:

		September 30, 2021
	Estimated			Accumulated
	Useful Life	Cost		Amortization			Net
Intangible assets:
Management service agreements	10 years	$	7,940,398	$	(2,301,908	)	$	5,638,490
Non-compete agreements	3 years		306,000		(301,834	)		4,166
Customer lists	3 years		699,482		(187,370	)		512,112
Brand development	10 years		66,495		(2,726	)		63,769
Definite lived assets			9,012,375		(2,793,838	)		6,218,537
Research and development			243,750		-			243,750
Goodwill			2,040,696		-			2,040,696
Total intangible assets and goodwill		$	11,296,821	$	(2,793,838	)	$	8,502,983

		December 31, 2020
	Estimated			Accumulated
	Useful Life	Cost		Amortization			Net
Intangible assets:
Management service agreements	10 years	$	7,940,398	$	(1,706,379	)	$	6,234,019
Non-compete agreements	3 years		301,000		(257,139	)		43,861
Customer lists	3 years		134,882		(44,961	)		89,921
Definite lived assets			8,376,280		(2,008,479	)		6,367,801
Research and development			243,750		-			243,750
Goodwill			2,040,696		-			2,040,696
Total intangible assets and goodwill		$	10,660,726	$	(2,008,479	)	$	8,652,247

Amortization was $257,000 and $235,000 for the three months ended September 30, 2021 and 2020, respectively and $785,000 and $701,000 for the nine months ended September 30, 2021 and 2020, respectively.

The Company’s estimated future amortization of intangible assets was as follows:

Years Ending December 31,
2021 (three months)	$	258,532
2022		1,034,133
2023		987,715
2024		830,934
2025		798,473
Thereafter		2,308,750
	$	6,218,537