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Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets

The components of goodwill and other intangible assets were as follows:

 

June 30, 2022 (Unaudited)

 

Estimated
Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

Finite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

5 years

 

$

39,250,000

 

 

$

5,883,854

 

 

$

33,366,146

 

Software

 

7 years

 

 

2,322,800

 

 

 

1,637,614

 

 

 

685,186

 

Trademarks

 

7 years

 

 

2,006,020

 

 

 

226,731

 

 

 

1,779,289

 

Non-compete agreements

 

3 years

 

 

2,250,000

 

 

 

466,944

 

 

 

1,783,056

 

Total finite lived intangible assets

 

 

 

$

45,828,820

 

 

$

8,215,143

 

 

$

37,613,677

 

 

December 31, 2021

 

Estimated
Useful Life

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

Finite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

5 years

 

$

36,820,000

 

 

$

1,999,355

 

 

$

34,820,645

 

Software

 

7 years

 

 

2,030,754

 

 

 

1,416,638

 

 

 

614,116

 

Trademarks

 

7 years

 

 

1,716,533

 

 

 

87,632

 

 

 

1,628,901

 

Non-compete agreements

 

3 years

 

 

2,150,000

 

 

 

94,722

 

 

 

2,055,278

 

Total finite lived intangible assets

 

 

 

$

42,717,287

 

 

$

3,598,347

 

 

$

39,118,940

 

Schedule of Changes in Goodwill

 

 

 

 

 

Carrying
Amount

 

Changes in goodwill:

 

 

 

 

 

Goodwill balance at December 31, 2021

 

 

 

$

80,621,503

 

Addition related to acquisition

 

 

 

 

543,397

 

RWS purchase price allocation adjustment

 

 

 

 

1,183,992

 

Goodwill balance at June 30, 2022

 

 

 

$

82,348,892