Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

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   September 30, 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     5-15       2,614,099       1,634,575       979,524  
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       33,002       —  
Total intangible assets subject to amortization             3,889,248       2,909,724       979,524  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,909,724     $ 5,732,463  

 

Scheduled amortization over the next five years are as follows:

         
Twelve months ending September 30,    
2025     $ 267,143  
2026       267,143  
2027       267,143  
2028       178,095  
2029       —  
Thereafter       —  
Total     $ 979,524  

 

Amortization expense for the three months ended September 30, 2024, and 2023 was $66,786 and $69,147, respectively. Amortization expense for the nine months ended September 30, 2024, and 2023 was $204,292 and $208,143, respectively.