Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 6 – Goodwill and Intangible Assets

Intangible assets are recorded at cost and consist of the assets acquired for the acquisition of the FarmLens platform completed in 2018, our HempOverview platform development costs and the intangibles acquired from the acquisition of MicaSense entity (see Note 7).

Goodwill and intangible assets were comprised of the following as of March 31, 2021 and December 31, 2020:

Name	Estimated Life	Balance at December 31, 2020		Additions		Amortization			Impairment		Balance at March 31, 2021
Intellectual property/technology	5-7 Years	$	231,146	$	1,059,445	$	(46,895	)	$	—	$	1,243,696
Customer relationships	5-10 Years		38,400		1,455,852		(27,864	)		—		1,466,388
Tradenames and trademarks	5-10 Years		31,040		617,844		(13,207	)		—		635,677
Non-compete agreement	4 Years		67,042		—		(10,056	)		—		56,986
Platform development costs	5 Years		72,899		205,780		(13,934	)		—		264,745
Total Intangible Assets		$	440,527		3,338,921		(111,956	)			$	3,667,492
Goodwill			3,108,000		19,008,591		—			—		22,116,591
Total		$	3,548,527	$	22,347512	$	(111,956	)	$	—	$	25,784,083

The weighted average remaining amortization period in years is 7.35 years. Amortization expense for the three months ended March 31, 2021 and 2020 was $111,956 and $38,236, respectively.

Future amortization is as follows for fiscal years ending:

	2021		2022		2023		2024		2025 and Thereafter
Intellectual property/technology	$	178,522	$	238,029	$	209,135	$	151,349	$	466,661
Customer relationships		119,989		159,985		155,185		145,585		885,644
Tradenames and trademarks		55,068		73,424		69,544		61,784		375,857
Non-compete agreement		30,169		26,817		—		—		—
Platform development costs		41,801		55,736		55,736		55,736		55,736
Total	$	425,549	$	553,991	$	489,600	$	414,454	$	1,783,898