Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill (Tables)

v3.22.0.1
Intangible Assets and Goodwill (Tables)
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
Intangible assets consisted of the following:
December 31, 2021
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Value
Intangible assets subject to amortization:
Reacquired franchise rights $ 6,795,865  $ 3,153,037  $ 3,642,828 
Customer relationships 2,603,006  1,587,443  1,015,563 
Reacquired development rights 4,406,221  3,715,594  690,627 
Assembled workforce 59,311  4,939  54,372 
$ 13,864,403  $ 8,461,013  $ 5,403,390 

December 31, 2020
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Value
Intangible assets subject to amortization:
Reacquired franchise rights $ 3,246,894  $ 2,107,730  $ 1,139,164 
Customer relationships 1,351,975  1,130,800  221,175 
Reacquired development rights 3,053,201  1,548,534  1,504,667 
$ 7,652,070  $ 4,787,064  $ 2,865,006 
Schedule of Finite-lived Intangible Assets Amortization Expense
The following is the weighted average amortization period for the Company's intangible assets:
Amortization (Years)
Reacquired franchise rights 5.8
Customer relationships 2.5
Reacquired development rights 3.3
Assembled workforce 2.0
     All intangible assets 4.4
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Estimated amortization expense for 2022 and subsequent years is as follows:
2022 $ 2,269,517 
2023 1,205,732 
2024 637,945 
2025 357,842 
2026 258,438 
Thereafter 673,916 
Total $ 5,403,390 
Schedule of Goodwill
The changes in the carrying amount of goodwill were as follows:

Corporate Clinic Segment
Balance as of December 31, 2020
Goodwill, gross $ 4,680,598 
Accumulated impairment losses (54,994)
Goodwill, net 4,625,604 
2021 acquisition 459,599 
Balance as of December 31, 2021
Goodwill, gross 5,140,197
Accumulated impairment losses (54,994)
Goodwill, net $ 5,085,203