| Goodwill and Intangible Assets |
Note
4 – Goodwill and Intangible Assets
Goodwill
Goodwill
represents the excess of purchase price and related costs over the value assigned to net tangible and identifiable intangible assets
acquired in business combinations. The following table presents the changes in the carrying amount of goodwill for the nine months ended
September 30, 2022:
Schedule
of Goodwill
| Balance as of December 31, 2021 | |
$ | 14,706,818 | |
| Measurement period adjustments | |
| 681,728 | |
| Balance as of September 30, 2022 | |
$ | 15,388,546 | |
Intangible
Assets, Net
The
following table presents details of the Company’s intangible assets, excluding goodwill:
Schedule
of Intangible Assets, Net
| | |
September 30, 2022 |
| | |
Weighted-Average | |
Gross | | |
| | |
Net | |
| | |
Useful Life (1) | |
Carrying | | |
Accumulated | | |
Carrying | |
| | |
(in Years) | |
Amount | | |
Amortization | | |
Amount | |
| In-process research and development | |
Indefinite | |
$ | 26,101,000 | | |
$ | - | | |
$ | 26,101,000 | |
| Non-competition agreements | |
2.7 | |
| 1,094,000 | | |
| (320,000 | ) | |
| 774,000 | |
| Total intangible assets | |
| |
$ | 27,195,000 | | |
$ | (320,000 | ) | |
$ | 26,875,000 | |
| | |
December 31, 2021 |
| | |
Weighted-Average | |
Gross | | |
| | |
Net | |
| | |
Useful Life (1) | |
Carrying | | |
Accumulated | | |
Carrying | |
| | |
(in Years) | |
Amount | | |
Amortization | | |
Amount | |
| In-process research and development | |
Indefinite | |
$ | 26,101,000 | | |
$ | - | | |
$ | 26,101,000 | |
| Non-competition agreements | |
2.7 | |
| 1,094,000 | | |
| - | | |
| 1,094,000 | |
| Total intangible assets | |
| |
$ | 27,195,000 | | |
$ | - | | |
$ | 27,195,000 | |
| (1) |
|
Based
on weighted-average useful life established as of the acquisition date. |
|