Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets-Net (Tables)

v3.20.1
Goodwill and Intangible Assets-Net (Tables)
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill

The following is the summary of the changes to the carrying amount of goodwill for the three months ended March 31, 2020 and the year ended December 31, 2019:

 

    Three Months Ended     Year Ended  
    March 31, 2020     December 31, 2019  
Beginning gross balance   $ 12,633,696     $ 12,593,795  
Acquisitions     25,718,079       39,901  
Ending gross balance   $ 38,351,775     $ 12,633,696  

Schedule of Finite-Lived Intangible Assets

Intangible assets - net as of March 31, 2020 and December 31, 2019 consist of the following:

 

    Three Months Ended     Year Ended  
    March 31, 2020     December 31, 2019  
Contracts and relationships acquired   $ 28,897,300     $ 23,597,300  
Capitalized software     7,288,192       538,012  
Non-compete agreements     1,236,377       1,236,377  
Other intangible assets     1,832,468       1,489,458  
Total intangible assets     39,254,337       26,861,147  
Less: Accumulated amortization     21,917,244       20,883,922  
Intangible assets - net   $ 17,337,093     $ 5,977,225  

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of March 31, 2020, future amortization scheduled to be expensed is as follows:

  

Years ending December 31,        
2020 (nine months)     $ 4,320,305  
2021       4,941,374  
2022       4,291,506  
2023       1,833,908  
2024       300,000  
Thereafter       1,650,000  
Total     $ 17,337,093