INTANGIBLES

12 Months Ended

Jan. 02, 2021

INTANGIBLES

5. INTANGIBLES

5. INTANGIBLES

Trademarks are not amortized as their lives are deemed to be indefinite. Total amortization expense for each of the next five years is estimated to be as follows: 2021 - $3.8 million; 2022 - $3.8 million; 2023 - $3.8 million; 2024 - $3.0 million and 2025 - $3.0 million.

							Weighted-Average
	Engineered		Diversified				Amortization
	Solutions		Products		Total		Period (Years)
2020 Gross Amount
Patents and developed technology	$	7,063,510	$	386,828	$	7,450,338		9.3
Customer relationships		26,030,122		-		26,030,122		8.6
Non-compete agreements		1,107,243		-		1,107,243		4.3
Intellectual property		-		-		-
Total Gross Intangibles	$	34,200,875	$	386,828	$	34,587,703		8.6
2020 Accumulated Amortization
Patents and developed technology	$	2,262,507	$	379,893	$	2,642,400
Customer relationships		4,742,839		-		4,742,839
Non-compete agreements		106,458		-		106,458
Intellectual property		-		-		-
Accumulated Amortization	$	7,111,804	$	379,893	$	7,491,697
Net 2020 per Balance Sheet	$	27,089,071	$	6,935	$	27,096,006
2019 Gross Amount
Patents and developed technology	$	6,607,802	$	386,828	$	6,994,630		10.2
Customer relationships		23,588,675		449,706		24,038,381		9.6
Non-compete agreements		64,570		407,000		471,570		1.9
Intellectual property		-		307,370		307,370		2.0
Total Gross Intangibles	$	30,261,047	$	1,550,904	$	31,811,951		9.5
2019 Accumulated Amortization
Patents and developed technology	$	1,941,060	$	353,093	$	2,294,153
Customer relationships		1,882,781		449,706		2,332,487
Non-compete agreements		10,832		407,000		417,832
Intellectual property		-		307,369		307,369
Accumulated Amortization	$	3,834,673	$	1,517,168	$	5,351,841
Net 2019 per Balance Sheet	$	26,426,374	$	33,736	$	26,460,110