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Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible assets consisted of the following as of March 31, 2023 and December 31, 2022:
March 31,
2023		December 31,
2022
Customer relationships
4.5– 15 years
$11,961,000 $9,535,000 
Tradename4.5 years783,000 266,000 
Trademark
10-15 years
533,864 533,864 
Backlog
2-5 years
3,210,000 1,436,000 
Non-compete agreement
3-5 years
684,000 684,000 
17,171,864 12,454,864 
Accumulated amortization(6,311,329)(5,820,697)
Intangible assets, net$10,860,535 $6,634,167 
The intangible assets with the exception of the trademarks were recorded as part of the acquisitions of Corvus, MFSI, Merrison, SSI, LSG, and GTMR. Amortization expense for the three months ended March 31, 2023 and 2022, was $490,631 and $1,123,590, respectively, and the intangible assets are being amortized based on the estimated future lives as noted above. On March 31, 2022, $275,000 of customer relationships was adjusted for the contingent consideration that is no longer required to be paid for the acquisition related to The Albers Group.
Future amortization of the intangible assets for the next five years as of March 31 are as follows:
2023$1,889,671 
20242,074,686 
20251,453,000 
20261,242,863 
20271,034,302 
Thereafter3,166,013 
Total$10,860,535 
The activity of goodwill for the three months ended March 31, 2023 and year ended December 31, 2022, is as follows:
CorvusSSIMFSITotal
December 31, 20226,387,741 8,461,150 685,073 15,533,964 
Goodwill acquired through acquisitions— 1,822,466 — 1,822,466 
March 31, 20236,387,741 10,283,616 685,073 17,356,430 
When the Company acquires a controlling financial interest through a business combination, the Company uses the acquisition method of accounting to allocate the purchase consideration to the assets acquired and liabilities assumed, which are recorded at fair value. Any excess of purchase consideration over the net fair value of the net assets acquired is recognized as goodwill. The additions of goodwill in the respective periods relate to the acquisitions made by the Company. The Company has not disposed of any entities, nor has the Company recognized impairment on the goodwill in these periods.