Intangible Assets, Net |
Note 5. Intangible Assets, Net
Intangible assets, net consisted of the following at the dates indicated:
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June 30, 2021 |
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Gross |
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Carrying |
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Accumulated |
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Net Carrying |
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Amount |
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Amortization |
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Value |
Trade names |
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$ |
6,326,000 |
|
$ |
(138,017) |
|
$ |
6,187,983 |
Software development |
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|
6,075,815 |
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|
(488,718) |
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|
5,587,097 |
Customer relationships |
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8,180,000 |
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(263,731) |
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|
7,916,269 |
Agent relationships |
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|
2,670,000 |
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(42,143) |
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2,627,857 |
Know-how |
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|
430,000 |
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(17,918) |
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|
412,082 |
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|
$ |
23,681,815 |
|
$ |
(950,526) |
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$ |
22,731,288 |
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December 31, 2020 |
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Gross |
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Carrying |
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Accumulated |
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Net Carrying |
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|
Amount |
|
Amortization |
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Value |
Trade names |
|
$ |
166,000 |
|
$ |
(1,383) |
|
$ |
164,617 |
Software development |
|
|
921,248 |
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|
(163,718) |
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|
757,530 |
|
|
$ |
1,087,248 |
|
$ |
(165,101) |
|
$ |
922,147 |
As of June 30, 2021, the estimated future amortization expense for definite-lived intangible assets was:
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Years Ended December 31, |
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2021 (remaining) |
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$ |
1,769,815 |
2022 |
|
|
3,488,306 |
2023 |
|
|
3,388,058 |
2024 |
|
|
3,279,933 |
2025 |
|
|
3,021,909 |
Thereafter |
|
|
7,783,267 |
Total |
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$ |
22,731,288 |
Amortization expense was approximately $700,000 and $37,000 for the three months ended June 30, 2021 and 2020, respectively and $785,000 and $48,000 for the six months ended June 30, 2021 and 2020, respectively.
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