Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets-Net (Tables)

v3.20.2
Goodwill and Intangible Assets-Net (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2020 and the year ended December 31, 2019:

 

    Six Months Ended     Year Ended  
    June 30, 2020     December 31, 2019  
Beginning gross balance   $ 12,633,696     $ 12,593,795  
Acquisitions     37,074,514       39,901  
Ending gross balance   $ 49,708,210     $ 12,633,696  
Schedule of Finite-Lived Intangible Assets

Intangible assets - net as of June 30, 2020 and December 31, 2019 consist of the following:

 

    June 30, 2020     December 31, 2019  
Contracts and relationships acquired   $ 43,497,300     $ 23,597,300  
Capitalized software     7,824,576       538,012  
Non-compete agreements     1,236,377       1,236,377  
Other intangible assets     3,263,552       1,489,458  
Total intangible assets     55,821,805       26,861,147  
Less: Accumulated amortization     24,028,768       20,883,922  
Intangible assets - net   $ 31,793,037     $ 5,977,225  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2020, future amortization scheduled to be expensed is as follows:

 

Years ending

December 31,      
2020 (six months)   $ 6,173,120  
2021     9,790,704  
2022     7,716,583  
2023     5,269,929  
2024     1,192,701  
Thereafter     1,650,000  
Total   $ 31,793,037