Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 4 – Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of purchase price and related costs over the value assigned to net tangible and identifiable intangible assets acquired in business combinations. The following table presents the changes in the carrying amount of goodwill for the three months ended March 31, 2022:

Balance as of December 31, 2021	$	14,706,818
Measurement period adjustments		101,593
Balance as of March 31, 2022	$	14,808,411

Intangible Assets, Net

The following table presents details of the Company’s intangible assets, excluding goodwill:

	Weighted-Average	Gross					Net
	Useful Life (1)	Carrying		Accumulated			Carrying
	(in Years)	Amount		Amortization			Amount
In-process research and development	Indefinite	$	26,101,000	$	-		$	26,101,000
Non-competition agreements	2.7		1,094,000		(106,667	)		987,333
Total intangible assets		$	27,195,000	$	(106,667	)	$	27,088,333

	Weighted-Average	Gross				Net
	Useful Life (1)	Carrying		Accumulated		Carrying
	(in Years)	Amount		Amortization		Amount
In-process research and development	Indefinite	$	26,101,000	$	-	$	26,101,000
Non-competition agreements	2.7		1,094,000		-		1,094,000
Total intangible assets		$	27,195,000	$	-	$	27,195,000

(1) Based on weighted-average useful life established as of the acquisition date.