Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 6 Months Ended
Jun. 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   June 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       1,567,790       1,046,309  
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       2,842,939       1,046,309  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,842,939     $ 5,799,248  

 

Scheduled amortization over the next five years are as follows:

 

   
Twelve months ending June 30,    
  2024     $ 133,571  
  2025       267,143  
  2026       267,143  
  2027       267,143  
  2028       111,309  
  Thereafter       —  
  Total     $ 1,046,309  

 

Amortization expense for the three months ended June 30, 2024, and 2023 was $68,360 and $69,535, respectively. Amortization expense for the six months ended June 30, 2024, and 2023 was $137,507 and $139,266, respectively.