Goodwill and Intangible Assets

9 Months Ended

Sep. 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 intangible assets acquired and platform development costs incurred for HempOverview and Measure Ground Control. The acquired intangibles consist of the FarmLens platform, acquired in 2018, and the intangibles acquired as a result of the acquisitions of MicaSense, Inc. and Measure Global, Inc., acquired in 2021 (see Note 7).

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

Name	Estimated Life	Balance at December 31, 2020		Additions		Amortization			Impairment		Balance at September 30, 2021
Intellectual property/technology	5-7 Years	$	231,146	$	2,664,448	$	(280,553	)	$	—	$	2,615,041
Customer relationships	3-10 Years		38,400		1,878,658		(178,324	)		—		1,738,734
Tradenames and trademarks	5-10 Years		31,040		1,196,203		(78,838	)		—		1,148,405
Non-compete agreement	2-4 Years		67,042		62,521		(45,799	)		—		83,764
Platform development costs	3 Years		72,899		762,881		(110,906	)		—		724,874
Total Intangible Assets		$	440,527	$	6,564,711	$	(694,420	)	$		$	6,310,818
Goodwill		$	3,108,000	$	61,465,288	$	—		$	—	$	64,573,288
Total		$	3,548,527	$	68,029,999	$	(694,420	)	$	—	$	70,884,106

The weighted average remaining amortization period in years is 6.28 years. Amortization expense for the three months ended September 30, 2021, and 2020 was $293,599 and $38,236, respectively; and $694,420 and $114,710 for the nine months ended September 30, 2021 and 2020, respectively.

Future amortization is as follows for fiscal years ending:

	Remaining 2021		2022		2023		2024		2025 and Thereafter		Total
Intellectual property/technology	$	116,829	$	467,315	$	438,422	$	380,635	$	1,211,840	$	2,615,041
Customer relationships		75,230		300,921		296,121		180,819		885,643		1,738,734
Tradenames and trademarks		32,815		131,260		127,380		119,620		737,330		1,148,405
Non-compete agreement		17,871		58,077		7,816		—		—		83,764
Platform development costs		50,854		278,593		278,593		116,834		—		724,874
Total	$	293,599	$	1,236,166	$	1,148,332	$	797,908	$	2,834,813	$	6,310,818