Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.21.1
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets

3.  Goodwill and Intangible Assets



Goodwill



The following table presents goodwill and impairment for the years ended December 31, 2020 and 2019:







 

 



 

 



Goodwill

December 31, 2018

$

537,550 

Acquired

 

(41,198)

Impairment

 

 —

December 31, 2019

 

496,352 

Acquired

 

 —

Impairment

 

 —

December 31, 2020

$

496,352 



We conducted our annual impairment test of goodwill as of December 31, 2020 and 2019, which resulted in no impairment charges.  During the year ended December 31, 2019, there was an adjustment for $41,198 to correct the goodwill recorded related to the acquisition of Belly.



Intangible assets



The following table presents components of identifiable intangible assets for the years ended December 31, 2020 and 2019:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



December 31, 2020

 

December 31, 2019



Gross
Carrying
Amount

 

Accumulated
Amortization

 

Net Carrying
Amount

 

Weighted
Average
Useful
Life
(Years)

 

Gross
Carrying
Amount

 

Accumulated
Amortization

 

Net Carrying
Amount

 

Weighted
Average
Useful
Life
(Years)

Patents and trademarks

$

197,528 

 

$

(126,499)

 

$

71,029 

 

14 

 

$

183,583 

 

$

(113,730)

 

$

69,853 

 

14 

Customer and merchant
relationships

 

2,321,112 

 

 

(1,678,727)

 

 

642,385 

 

10 

 

 

2,321,112 

 

 

(1,581,876)

 

 

739,236 

 

10 

Trade name

 

197,950 

 

 

(156,506)

 

 

41,444 

 

10 

 

 

197,924 

 

 

(147,192)

 

 

50,732 

 

10 

Acquired technology

 

621,030 

 

 

(492,539)

 

 

128,491 

 

10 

 

 

684,540 

 

 

(539,748)

 

 

144,792 

 

10 

Non-compete agreement

 

79,299 

 

 

(34,228)

 

 

45,071 

 

 

 

79,299 

 

 

(18,368)

 

 

60,931 

 



$

3,416,919 

 

$

(2,488,499)

 

$

928,420 

 

 

 

$

3,466,458 

 

$

(2,400,914)

 

$

1,065,544 

 

 



During the years ended December 31, 2020 and 2019, we recorded amortization expense related to our intangible assets of $150,701 and $178,653, respectively, which is included in depreciation and amortization in the consolidated statement of operations.



During the years ended December 31, 2020 and 2019, we recorded no impairment charges related to our intangible assets.



Expected future intangible asset amortization as of December 31, 2020 is as follows:







 

 



 

 

Year ending December 31,

Amount

2021

$

147,992 

2022

 

147,868 

2023

 

145,359 

2024

 

108,763 

2025

 

101,015 

Thereafter

 

277,423 

Total

$

928,420