Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.21.2
Intangible Assets, Net
6 Months Ended
Jun. 30, 2021
Intangible Assets, Net  
Intangible Assets, Net

Note 5. Intangible Assets, Net

Intangible assets, net consisted of the following at the dates indicated:

    

June 30, 2021

    

Gross

    

    

Carrying

Accumulated

Net Carrying

Amount

Amortization

Value

Trade names

$

6,326,000

$

(138,017)

$

6,187,983

Software development

 

6,075,815

 

(488,718)

 

5,587,097

Customer relationships

8,180,000

(263,731)

7,916,269

Agent relationships

 

2,670,000

 

(42,143)

 

2,627,857

Know-how

430,000

(17,918)

412,082

$

23,681,815

$

(950,526)

$

22,731,288

    

December 31, 2020

    

Gross 

    

    

Carrying

Accumulated

Net Carrying

Amount

Amortization

Value

Trade names

$

166,000

$

(1,383)

$

164,617

Software development

 

921,248

 

(163,718)

 

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:

Years Ended December 31,

    

    

2021 (remaining)

$

1,769,815

2022

 

3,488,306

2023

 

3,388,058

2024

 

3,279,933

2025

 

3,021,909

Thereafter

7,783,267

Total

$

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.