Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of carrying amount of goodwill

The following table sets forth the change in the carrying amount of goodwill during the six months ended June 30, 2022:

Balance as of December 31, 2021	$	14,440,683
Acquisitions		2,100,358
Balance as of June 30, 2022	$	16,541,041

Schedule of Finite - Lived Intangible Assets

Finite-lived intangible assets are as follows:

	June 30, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer relationships	$	6,500,000	$	(3,900,000	)	$	2,600,000
Trade names		7,600,000		(6,080,000	)		1,520,000
Existing technology/reformulations		12,400,000		(1,972,500	)		10,427,500
License agreements		2,754,002		(1,212,094	)		1,541,908
	$	29,254,002	$	(13,164,594	)	$	16,089,408
	December 31, 2021
	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Customer relationships	$	6,500,000	$	(3,737,500	)	$	2,762,500
Trade names		8,640,000		(6,866,667	)		1,773,333
Existing technology/reformulations		3,207,923		(2,694,590	)		513,333
Research and development formulas		800,000		(800,000	)		—
License agreements		8,591,822		(7,048,672	)		1,543,150
	$	27,739,745	$	(21,147,429	)	$	6,592,316

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future estimated amortization expense of the Company’s intangible assets as of June 30, 2022 is as follows:

Remainder of 2022	$	1,306,033
2023		2,391,234
2024		2,080,817
2025		1,551,026
2026		1,208,734
Thereafter		7,551,564
Total	$	16,089,408