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Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 6 – Intangible Assets

 

Intangible assets relate to acquisitions completed by the Company, including those described in Note 1, and were as follows:

 

   March 31, 2025   December 31, 2024 
   Gross Value   Accumulated Amortization   Net Value  

Gross

Value

   Accumulated Amortization   Net Value 
Proprietary technology  $7,987,001   $(2,949,974)  $5,037,027   $7,987,001   $(2,640,323)  $5,346,678 
Backlog   276,000    (80,499)   195,501    276,000    (16,610)   259,390 
Customer relationships   900,000    (82,143)   817,857    900,000    (50,000)   850,000 
Non-compete agreements   65,000    (65,000)   —    65,000    (65,000)   — 
Total finite-lived assets   9,228,001    (3,177,616)   6,050,385    9,228,001    (2,771,933)   6,456,068 
Brand name   1,997,000    —    1,997,000    1,997,000    —    1,997,000 
Total indefinite-lived assets   1,997,000    —    1,997,000    1,997,000    —    1,997,000 
Total intangible assets, net  $11,225,001   $(3,177,616)  $8,047,385   $11,225,001   $(2,771,933)  $8,453,068 

 

Proprietary technology and customer relationships are being amortized over seven years. Non-compete agreements are being amortized over three years. Backlog is being amortized over two years. Brand name is not amortized but reviewed for impairment on a quarterly basis and formally evaluated at year end.