| Goodwill and Intangible Assets |
NOTE 8 – GOODWILL AND INTANGIBLE ASSETS
Goodwill consists of the following:
|
|
|
|
|
|
|
Amount |
|
Balance as of December 31, 2022 |
|
$ |
5,837,060 |
|
Measurement period adjustment to goodwill (Note 5) |
|
|
198,140 |
|
Balance as of June 30, 2023 |
|
$ |
6,035,200 |
|
Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
|
Useful |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net Carrying |
|
|
|
Life |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(448,673 |
) |
|
$ |
1,871,327 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(445,500 |
) |
|
|
544,500 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(1,050,572 |
) |
|
|
2,709,428 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
- |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(1,944,745 |
) |
|
$ |
5,775,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(292,671 |
) |
|
$ |
2,027,329 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(346,500 |
) |
|
|
643,500 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(758,000 |
) |
|
|
3,002,000 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
— |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(1,397,171 |
) |
|
$ |
6,323,279 |
|
(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval.
Amortization expense was $547,574 and $383,571 for the six months ended June 30, 2023 and 2022, respectively. Amortization expense was $273,787 and $166,213 for the three months ended June 30, 2023 and 2022, respectively.
|