Schedule of Intangible Assets |
Intangible assets consisted of the following as of December 31, 2022 and December 31, 2021:
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | | Gross carrying value | | Accumulated Amortization | | Net carrying value | Customer relationships | 4.5 - 15 years | | $ | 9,535,000 | | | $ | (3,916,501) | | | $ | 5,618,499 | | Trade name | 4.5 years | | 266,000 | | | (245,336) | | | 20,664 | | Trademark | 15 years | | 533,864 | | | (88,119) | | | 445,745 | | Backlog | 2 years | | 1,436,000 | | | (1,077,616) | | | 358,384 | | Non-compete agreement | 3 - 4 years | | 684,000 | | | (493,125) | | | 190,875 | | | | | $ | 12,454,864 | | | $ | (5,820,697) | | | $ | 6,634,167 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | | Gross carrying value | | Accumulated Amortization | | Net carrying value | Customer relationships | 4.5 - 9 years | | $ | 9,025,000 | | | $ | (2,497,998) | | | $ | 6,527,002 | | Trade name | 4.5 years | | 266,000 | | | (143,123) | | | 122,877 | | Trademark | 15 years | | 533,863 | | | (24,387) | | | 509,476 | | Backlog | 2 years | | 947,000 | | | (858,089) | | | 88,911 | | Non-compete agreement | 3 - 4 years | | 674,000 | | | (326,667) | | | 347,333 | | | | | $ | 11,445,863 | | | $ | (3,850,264) | | | $ | 7,595,599 | |
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Schedule of Future Amortization of Intangible Assets |
Future amortization of the intangible assets for the next five years as of December 31 are as follows: | | | | | | 2023 | $ | 1,950,067 | | 2024 | 1,501,040 | | 2025 | 879,353 | | 2026 | 669,217 | | 2027 | 479,528 | | Thereafter | 1,154,962 | | Total | $ | 6,634,167 | |
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Schedule of Goodwill |
The following table presents changes to goodwill for the years ended December 31, 2022 and 2021 for each reporting unit:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corvus | | SSI | | MFSI | | Merrison | | Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | 4,136,011 | | | — | | | — | | | — | | | 4,136,011 | | Goodwill acquired through acquisitions | — | | | 8,461,150 | | | 685,073 | | | 780,730 | | | 9,926,953 | | December 31, 2021 | 4,136,011 | | | 8,461,150 | | | 685,073 | | | 780,730 | | | 14,062,964 | | Goodwill acquired through acquisitions | 1,471,000 | | | — | | | — | | | — | | | 1,471,000 | | Merrison subsumed into Corvus | 780,730 | | | — | | | — | | | (780,730) | | | — | | December 31, 2022 | $ | 6,387,741 | | | $ | 8,461,150 | | | $ | 685,073 | | | $ | — | | | $ | 15,533,964 | |
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