Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.25.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
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   March 31, 2025, 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       845,952  
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       845,952  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,976,510     $ 5,598,891  

 

Scheduled amortization over the next four years are as follows:

 

         
Twelve months ending March 31,    
2026     $ 267,143  
2027       267,143  
2028       267,143  
2029       44,523  
Total     $ 845,952  

 

Amortization expense for the three months ended March 31, 2025, and 2024 was $66,786 and $69,731, respectively.