Intangibles

12 Months Ended

Dec. 31, 2022

Intangibles

5. Intangibles

5. Intangibles

Trademarks are not amortized as their lives are deemed to be indefinite. Amortization expense recognized in 2022 and 2021 was $3,953,838 and $3,985,179, respectively. Total amortization expense for each of the next five years is estimated to be as follows: 2023 - $4.7 million; 2024 - $3.9 million; 2025 - $3.9 million; 2026 - $3.9 million and 2027 - $3.9 million.

			Weighted-Average
			Amortization
	2022		Period (Years)
Gross Amount
Patents and developed technology	$	7,412,101		4.8
Customer relationships		25,883,709		4.8
Non-compete agreements		1,040,714		2.4
Total Gross Intangibles	$	34,340,524		4.7
Accumulated Amortization
Patents and developed technology	$	3,395,729
Customer relationships		11,620,461
Non-compete agreements		504,437
Accumulated Amortization	$	15,520,627
Net 2022 per Balance Sheet	$	18,819,897
	2021
Gross Amount
Patents and developed technology	$	6,749,169		6.5
Customer relationships		26,040,691		5.9
Non-compete agreements		1,111,756		3.3
Total Gross Intangibles	$	33,901,616		5.9
Accumulated Amortization
Patents and developed technology	$	2,959,782
Customer relationships		7,759,667
Non-compete agreements		318,670
Accumulated Amortization	$	11,038,119
Net 2021 per Balance Sheet	$	22,863,497