| Intangible Assets |
NOTE 8 – INTANGIBLE ASSETS
Intangible assets consist of the following:
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September 30, 2022 |
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Useful |
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Gross Carrying |
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Accumulated |
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Net Carrying |
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Life |
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Amount |
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Amortization |
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Amount |
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Trademarks |
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10 Years |
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$ |
1,520,000 |
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|
$ |
(228,000 |
) |
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$ |
1,292,000 |
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Noncompete agreements |
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5 Years |
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$ |
990,000 |
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|
$ |
(297,000 |
) |
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$ |
693,000 |
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Customer relationships |
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7 Years |
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$ |
2,920,000 |
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$ |
(625,714 |
) |
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$ |
2,294,286 |
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Patents and patent applications |
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(*) |
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$ |
650,450 |
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$ |
— |
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$ |
650,450 |
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$ |
6,080,450 |
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$ |
(1,150,714 |
) |
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$ |
4,929,736 |
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December 31, 2021 |
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Trademarks |
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10 Years |
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$ |
1,520,000 |
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$ |
(114,000 |
) |
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$ |
1,406,000 |
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Noncompete agreements |
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5 Years |
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990,000 |
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(148,500 |
) |
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841,500 |
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Customer relationships |
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7 Years |
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2,920,000 |
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(312,857 |
) |
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2,607,143 |
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Patents and patent applications |
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(*) |
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|
650,450 |
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— |
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653,050 |
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$ |
6,080,450 |
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$ |
(575,357 |
) |
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$ |
5,507,693 |
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(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval.
Amortization expense was $575,357 and $436,699 for the nine months ended September 30, 2022 and 2021, respectively.
Amortization expense was $191,786 and $218,349 for the three months ended September 30, 2022 and 2021, respectively.
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