Note 6 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Goodwill and Intangible Assets, Policy [Policy Text Block]

Note 6.  Goodwill and Intangible Assets

Information regarding our intangible assets and goodwill is as follows:

	Weighted Average Useful Life (Years)		December 31, 2021			Additions			March 31, 2022
Intangible assets with estimated useful lives
Technology		5.0	$	2,900,000		$	-		$	2,900,000
Customer relationships		6.4		4,950,000			-			4,950,000
Non-compete agreements		3.0		120,000			-			120,000
Accumulated amortization				(201,032	)		(349,893	)		(550,925	)
Sub-total				7,768,968			(349,893	)		7,419,075
Intangible assets with indefinite lives
Trade names	Indefinite			280,000			-			280,000
Net identifiable intangible assets			$	8,048,968		$	(349,893	)	$	7,699,075
Goodwill	Indefinite		$	7,585,269		$	-		$	7,585,269

There was no impairment charge to intangible assets or goodwill for the three months ended March 31, 2022. There were no intangible assets or goodwill recorded as of December 31, 2020 or March 31, 2021.

As of March 31, 2022, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows:

Remainder of 2022	$	1,049,679
2023		1,399,572
2024		1,369,635
2025		1,359,576
2026		1,326,854
Thereafter		913,759
Total	$	7,419,075