Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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 as a result of the acquisitions of  MicaSense, Inc. and Measure Global, Inc. (see Note 7).

Goodwill and intangible assets were comprised of the following as of June 30, 2021 and December 31, 2020:

Name	Estimated Life	Balance at December 31, 2020		Additions		Amortization			Impairment		Balance at June 30, 2021
Intellectual property/technology	5-7 Years	$	231,146	$	2,664,448	$	(163,724	)	$	—	$	2,731,870
Customer relationships	3-10 Years		38,400		1,878,658		(103,094	)		—		1,813,964
Tradenames and trademarks	5-10 Years		31,040		1,196,203		(46,022	)		—		1,181,221
Non-compete agreement	2-4 Years		67,042		62,521		(27,927	)		—		101,636
Platform development costs	3 Years		72,899		369,060		(60,054	)		—		381,905
Total Intangible Assets		$	440,527	$	6,170,890	$	(400,821	)	$		$	6,210,596
Goodwill			3,108,000		61,465,288		—			—		64,573,288
Total		$	3,548,527	$	67,636,178	$	(400,821	)	$	—	$	70,783,884

The weighted average remaining amortization period in years is 6.69 years. Amortization expense for the three months ended June 30, 2021, and 2020 was $288,065 and $38,236, respectively; and $400,821 and $76,472 for the six months ended June 30, 2021 and 2020, respectively.

Future amortization is as follows for fiscal years ending:

	2021		2022		2023		2024		2025 and Thereafter		Total
Intellectual property/technology	$	233,658	$	467,315	$	438,422	$	380,635	$	1,211,840	$	2,731,870
Customer relationships		150,460		300,921		296,121		180,819		885,643		1,813,964
Tradenames and trademarks		65,630		131,260		127,380		119,620		737,330		1,181,220
Non-compete agreement		35,743		58,077		7,816		—		—		101,636
Platform development costs		73,660		147,320		147,320		13,606		—		381,906
Total	$	559,151	$	1,104,893	$	1,017,059	$	694,680	$	2,834,813	$	6,210,596