Goodwill and Intangible Assets
|9 Months Ended|
Sep. 30, 2022
|Goodwill and Intangible Assets [Abstract]|
|Goodwill and Intangible Assets||
NOTE 7 – GOODWILL AND INTANGIBLE ASSETS
The Company recorded a provisional goodwill balance totaling $16,567,000 as of September 30, 2022. See further discussion within Note 3, Business Combinations. As noted in Note 2, Summary of Significant Accounting Policies, goodwill is tested annually for impairment on October 1st and at other times if events have occurred or circumstances exist that indicate the carrying amount of goodwill may not recoverable. As a result of the Company’s declining stock price during the third quarter of 2022, the Company performed an interim qualitative impairment assessment. Based on this assessment, the Company concluded that it was more likely than not that our goodwill and long-lived assets were not impaired.
Including the provisional intangible assets totaling $16,407,000 as of September 30, 2022 discussed within Note 3, Business Combinations, the Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows:
Amortization expense on these identifiable intangible assets was $1,026,362 and $357,324 during the three months ended September 30, 2022 and 2021, respectively and $2,410,045 and $1,071,971 during the nine months ended September 30, 2022 and 2021, respectively. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:
No definition available.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef