Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets - Net (Tables)

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Goodwill and Intangible Assets - Net (Tables)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill

Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. The following is the summary of the changes to the carrying amount of goodwill for the years ended December 31, 2019 and 2018:

 

    Year Ended     Year Ended  
    December 31, 2019     December 31, 2018  
Beginning gross balance   $ 12,593,795     $ 12,263,943  
Acquisitions     39,901       329,852  
Ending gross balance   $ 12,633,696     $ 12,593,795  

Schedule of Finite-Lived Intangible Assets

Below is a summary of intangible asset activity for the years ended December 31, 2019 and 2018:

 

    Customer     Non-Compete     Other Intangible        
    Relationships     Agreements     Assets     Total  
COST                        
Balance, January 1, 2019   $ 22,741,300     $ 1,236,377     $ 1,477,059     $ 25,454,736  
Capitalized software costs and other intangible assets     -       -       591,509       591,509  
Translation loss     -       -       (41,098 )     (41,098 )
Disposals     -       -       -       -  
Allocation from 2019 acquisition     856,000       -       -       856,000  
Balance, December 31, 2019   $ 23,597,300     $ 1,236,377     $ 2,027,470     $ 26,861,147  
Useful lives     3-12 Years       3 Years       3 Years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2019   $ 16,457,878     $ 1,234,774     $ 1,128,081     $ 18,820,733  
Amortization expense     1,855,634       1,601       205,954       2,063,189  
Balance, December 31, 2019     18,313,512       1,236,375       1,334,035       20,883,922  
Net book value   $ 5,283,788     $ 2     $ 693,435     $ 5,977,225  
                                 
COST                                
Balance, January 1, 2018   $ 16,491,300     $ 1,236,377     $ 1,498,417     $ 19,226,094  
Capitalized software costs and other intangible assets     -       -       108,552       108,552  
Translation loss     -       -       (129,910 )     (129,910 )
Allocation from 2018 acquisition     6,250,000       -       -       6,250,000  
Balance, December 31, 2018   $ 22,741,300     $ 1,236,377     $ 1,477,059     $ 25,454,736  
Useful lives     3-12 Years       3 Years       3 Years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2018   $ 14,685,190     $ 1,227,601     $ 803,759     $ 16,716,550  
Amortization expense     1,772,688       7,173       324,322       2,104,183  
Balance, December 31, 2018     16,457,878       1,234,774       1,128,081       18,820,733  
Net book value   $ 6,283,422     $ 1,603     $ 348,978     $ 6,634,003  

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2019, future amortization expense scheduled to be expensed is as follows:

 

Year ending      
December 31      
2020   $ 1,437,324  
2021     1,292,146  
2022     959,225  
2023     338,530  
2024     300,000  
Thereafter     1,650,000  
Total   $ 5,977,225