| Summary of Intangible Assets |
Intangible assets consist of the following:
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|
|
|
|
|
|
|
|
|
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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 |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
Trademarks |
|
10 Years |
|
$ |
1,520,000 |
|
|
$ |
(228,000 |
) |
|
$ |
1,292,000 |
|
Noncompete agreements |
|
5 Years |
|
$ |
990,000 |
|
|
$ |
(297,000 |
) |
|
$ |
693,000 |
|
Customer relationships |
|
7 Years |
|
$ |
2,920,000 |
|
|
$ |
(625,714 |
) |
|
$ |
2,294,286 |
|
Patents and patent applications |
|
(*) |
|
$ |
650,450 |
|
|
$ |
— |
|
|
$ |
650,450 |
|
|
|
|
|
$ |
6,080,450 |
|
|
$ |
(1,150,714 |
) |
|
$ |
4,929,736 |
|
|
|
|
|
|
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|
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|
|
|
|
|
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|
|
|
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|
|
|
December 31, 2021 |
|
Trademarks |
|
10 Years |
|
$ |
1,520,000 |
|
|
$ |
(114,000 |
) |
|
$ |
1,406,000 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(148,500 |
) |
|
|
841,500 |
|
Customer relationships |
|
7 Years |
|
|
2,920,000 |
|
|
|
(312,857 |
) |
|
|
2,607,143 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
— |
|
|
|
653,050 |
|
|
|
|
|
$ |
6,080,450 |
|
|
$ |
(575,357 |
) |
|
$ |
5,507,693 |
|
(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval.
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