Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets-Net (Tables)

v3.20.2
Goodwill and Intangible Assets-Net (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2020 and the year ended December 31, 2019:

 

    Nine Months Ended     Year Ended  
    September 30, 2020     December 31, 2019  
Beginning gross balance   $ 12,633,696     $ 12,593,795  
Acquisitions     36,316,627       39,901  
Ending gross balance   $ 48,950,323     $ 12,633,696
Schedule of Finite-Lived Intangible Assets

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

 

    September 30, 2020     December 31, 2019  
Contracts and relationships acquired   $ 44,497,300     $ 23,597,300  
Capitalized software     8,676,756       538,012  
Non-compete agreements     1,236,377       1,236,377  
Other intangible assets     3,565,709       1,489,458  
Total intangible assets     57,976,142       26,861,147  
Less: Accumulated amortization     26,856,566       20,883,922  
Intangible assets - net   $ 31,119,576     $ 5,977,225
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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

 

Years ending      
December 31,      
2020 (three months)   $ 3,156,706  
2021     10,499,111  
2022     8,318,376  
2023     6,227,670  
2024     1,267,713  
Thereafter     1,650,000  
Total   $ 31,119,576