Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Intangible Assets

v3.25.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 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, 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       1,701,361       912,738  
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       2,976,510       912,738  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,976,510     $ 5,665,677  

 

Scheduled amortization over the next four years are as follows:

 

         
Twelve months ending December 31,    
2025     $ 267,143  
2026       267,143  
2027       267,143  
2028       111,309  
Total     $ 912,738  

  

Amortization expense for the years ended December 31, 2024, and 2023 was $271,078 and $277,560, respectively.