Note 7 - Acquisitions (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Notes Tables |
|
| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
| |
|
Useful
Lives
(years) |
|
|
Amounts |
|
Valuation Methodology |
| Cash |
|
|
|
|
|
$ |
81,473 |
|
|
| Accounts receivable |
|
|
|
|
|
|
611,471 |
|
|
| Other current assets |
|
|
|
|
|
|
6,338 |
|
|
| Intangible assets with estimated useful lives: |
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
|
8 |
|
|
|
1,090,000 |
|
Replacement cost and relief from royalty |
| Non-compete agreements |
|
|
3 |
|
|
|
120,000 |
|
Multi-period excess earnings |
| Intangible assets with indefinite lives: |
|
|
|
|
|
|
|
|
|
| Trade names |
|
|
|
|
|
|
280,000 |
|
|
| Goodwill |
|
|
|
|
|
|
785,000 |
|
|
| Total assets acquired |
|
|
|
|
|
|
2,974,282 |
|
|
| Current liabilities |
|
|
|
|
|
|
(458,925 |
) |
|
| Net assets acquired |
|
|
|
|
|
$ |
2,515,357 |
|
|
| |
|
Useful
Lives
(years) |
|
|
Amounts |
|
Valuation Methodology |
| Cash |
|
|
|
|
|
$ |
20,235 |
|
|
| Fixed assets |
|
|
|
|
|
|
8,902 |
|
|
| Intangible assets with estimated useful lives: |
|
|
|
|
|
|
| Technology |
|
|
5 |
|
|
|
2,900,000 |
|
Replacement cost and relief from royalty |
| Customer relationships |
|
|
6 |
|
|
|
3,860,000 |
|
Multi-period excess earnings |
| Goodwill |
|
|
|
|
|
|
4,560,099 |
|
|
| Total assets acquired |
|
|
|
|
|
|
11,349,236 |
|
|
| Current liabilities |
|
|
|
|
|
|
(344,136 |
) |
|
| Net assets acquired |
|
|
|
|
|
$ |
11,005,100 |
|
|
|
| Business Acquisition, Pro Forma Information [Table Text Block] |
| |
|
2021 |
|
|
2020 |
|
| Revenues |
|
$ |
16,259,467 |
|
|
$ |
18,352,184 |
|
| Net (loss) income |
|
$ |
(905,114 |
) |
|
$ |
421,012 |
|
| |
|
2021 |
|
|
2020 |
|
| Revenues |
|
$ |
15,563,323 |
|
|
$ |
16,220,071 |
|
| Net (loss) income |
|
$ |
(3,238,517 |
) |
|
$ |
(186,976 |
) |
| |
|
2021 |
|
|
2020 |
|
| Revenues |
|
$ |
16,789,286 |
|
|
$ |
20,669,184 |
|
| Net income (loss) |
|
$ |
(3,012,182 |
) |
|
$ |
(179,343 |
) |
|
| Schedule of Intangible Assets and Goodwill [Table Text Block] |
| |
|
December 31, 2021 |
|
| |
|
Weighted |
|
|
Gross |
|
| |
|
Average Useful |
|
|
Carrying |
|
| |
|
Life (Years) |
|
|
Amounts |
|
| Intangible assets with estimated useful lives |
|
|
|
|
|
|
|
|
| Technology |
|
|
5.0 |
|
|
$ |
2,900,000 |
|
| Customer relationships |
|
|
6.4 |
|
|
|
4,950,000 |
|
| Non-compete agreements |
|
|
3.0 |
|
|
|
120,000 |
|
| Intangible assets with indefinite lives |
|
|
|
|
|
|
|
|
| Trade names |
|
|
|
|
|
|
280,000 |
|
| Gross identified intangible assets |
|
|
|
|
|
|
8,250,000 |
|
| Accumulated amortization |
|
|
|
|
|
|
(201,032 |
) |
| Net identifiable intangible assets |
|
|
|
|
|
|
8,048,968 |
|
| Goodwill |
|
|
|
|
|
|
7,585,269 |
|
| Intangible assets and goodwill |
|
|
|
|
|
$ |
15,634,237 |
|
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
| 2022 |
|
$ |
1,399,577 |
|
| 2023 |
|
|
1,399,577 |
|
| 2024 |
|
|
1,369,640 |
|
| 2025 |
|
|
1,359,581 |
|
| 2026 |
|
|
1,326,839 |
|
| Thereafter |
|
|
913,754 |
|
| Total |
|
$ |
7,768,968 |
|
|
| Schedule of Goodwill [Table Text Block] |
| Balance as of December 31, 2020 |
|
$ |
- |
|
| Acquired goodwill |
|
|
7,585,269 |
|
| Balance as of December 31, 2021 |
|
$ |
7,585,269 |
|
|
| Gray Matters [Member] |
|
| Notes Tables |
|
| Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
| Net cash consideration |
|
$ |
7,240,100 |
|
| Buyer common stock |
|
|
1,500,000 |
|
| Present value of deferred consideration |
|
|
1,335,000 |
|
| Fair value of contingent consideration |
|
|
930,000 |
|
| Total |
|
$ |
11,005,100 |
|
|