GOODWILL AND INTANGIBLE ASSETS-NET
|3 Months Ended|
Mar. 31, 2023
|Goodwill and Intangible Assets Disclosure [Abstract]|
|GOODWILL AND INTANGIBLE ASSETS-NET||
3. GOODWILL AND INTANGIBLE ASSETS-NET
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 three months ended March 31, 2023 and the year ended December 31, 2022:
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
Intangible assets include customer contracts and relationships and covenants not-to-compete acquired in connection with acquisitions, as well as trademarks acquired and software costs. Intangible assets – net as of March 31, 2023, and December 31, 2022 consist of the following:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS
The amount for capitalized software represents payroll and development costs incurred for internally developed software. Other intangible assets primarily represent non-compete agreements, purchased intangibles. Amortization expense was approximately $2.5 million for both the three months ended March 31, 2023 and 2022. The weighted-average amortization period is three years.
As of March 31, 2023, future amortization scheduled to be expensed is as follows:
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef