Summary of Goodwill |
Goodwill consists of the following:
|
|
|
|
|
|
|
Amount |
|
Balance as of December 31, 2022 |
|
$ |
5,837,060 |
|
Measurement period adjustment to goodwill (Note 4) |
|
|
198,140 |
|
Impairment of goodwill |
|
|
(3,017,600 |
) |
Balance as of December 31, 2023 |
|
$ |
3,017,600 |
|
|
Summary of Intangible Assets |
Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
|
Useful |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net |
|
|
Net Carrying |
|
|
|
Life |
|
Amount |
|
|
Amortization |
|
|
Disposal |
|
|
Amount |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(604,675 |
) |
|
$ |
— |
|
|
$ |
1,715,325 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(544,500 |
) |
|
|
— |
|
|
|
445,500 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(1,343,144 |
) |
|
|
(51,359 |
) |
|
|
2,365,497 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
— |
|
|
|
— |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(2,492,319 |
) |
|
$ |
(51,359 |
) |
|
$ |
5,176,772 |
|
(*) Patents have yet to be approved by US Patent Office. Useful life is determined upon placement into service after approval.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
Useful |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net |
|
|
Net Carrying |
|
|
|
Life |
|
Amount |
|
|
Amortization |
|
|
Disposal |
|
|
Amount |
|
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 |
|
|
Summary of Estimated Amortization for Capitalized Software |
Estimated amortization for trademarks, noncompete agreements and customer relationships for future periods is as follows:
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
$ |
1,086,863 |
|
2025 |
|
|
1,086,863 |
|
2026 |
|
|
938,645 |
|
2027 |
|
|
815,676 |
|
2028 |
|
|
256,284 |
|
Thereafter |
|
|
341,991 |
|
Assets not placed in services |
|
|
650,450 |
|
|
|
$ |
5,176,772 |
|
|