Data Storage Corporation Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Note 5 - Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following:


	Estimated life in years		Gross amount		December 31, 2023, Accumulated Amortization		Net
Intangible assets not subject to amortization
Goodwill		Indefinite	$	4,238,671	$	—	$	4,238,671
Trademarks		Indefinite		514,268		—		514,268

Total intangible assets not subject to amortization				4,752,939		—		4,752,939
Intangible assets subject to amortization
Customer lists		7		2,614,099		1,434,218		1,179,881
ABC acquired contracts		5		310,000		310,000		—
SIAS acquired contracts		5		660,000		660,000		—
Non-compete agreements		4		272,147		272,147		—
Website and Digital Assets		3		33,002		29,067		3,935
Total intangible assets subject to amortization				3,889,248		2,705,432		1,183,816
Total Goodwill and Intangible Assets			$	8,642,187	$	2,705,432	$	5,936,755

	Estimated life in years		Gross amount		March 31, 2024, Accumulated Amortization		Net
Intangible assets not subject to amortization
Goodwill		Indefinite	$	4,238,671	$	—	$	4,238,671
Trademarks		Indefinite		514,268		—		514,268

Total intangible assets not subject to amortization				4,752,939		—		4,752,939
Intangible assets subject to amortization
Customer lists		7		2,614,099		1,501,004		1,113,095
ABC acquired contracts		5		310,000		310,000		—
SIAS acquired contracts		5		660,000		660,000		—
Non-compete agreements		4		272,147		272,147		—
Website and Digital Assets		3		33,002		31,428		1,574
Total intangible assets subject to amortization				3,889,248		2,774,579		1,114,669
Total Goodwill and Intangible Assets			$	8,642,187	$	2,774,579	$	5,867,608

Scheduled amortization over the next five years are as follows:

Amortization expense for the three months ended March 31, 2024, and 2023 was $69,147 and $69,731, respectively.