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GOODWILL AND INTANGIBLES, NET

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6 – GOODWILL AND INTANGIBLES, NET

The changes in the carrying amount of the Company’s goodwill were as follows:

	Total
Balance as of December 31, 2021	$	-
Scendia Acquisition		3,601,781
Balance as of December 31, 2022		3,601,781
Acquisitions		-
Balance as of December 31, 2023	$	3,601,781

The carrying values of the Company’s intangible assets were as follows for the periods presented:

	December 31, 2023							December 31, 2022
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Amortizable Intangible Assets:
Product Licenses	$	4,793,879	$	(1,342,626	)	$	3,451,253	$	4,793,879	$	(980,583	)	$	3,813,296
Patents and Other IP		38,570,549		(3,181,186	)		35,389,363		21,935,580		(1,492,057	)		20,443,523
Customer relationships and other		7,947,332		(1,861,887	)		6,085,445		7,947,332		(694,171	)		7,253,161
Total	$	51,311,760	$	(6,385,699	)	$	44,926,061	$	34,676,791	$	(3,166,811	)	$	31,509,980

As of December 31, 2023, the weighted-average amortization period for finite-lived intangible assets was 14.5 years. Amortization expense related to intangible assets was $3,218,888 and $1,963,299 for the year ended December 31, 2023 and 2022, respectively. The estimated remaining amortization expense as of December 31, 2023 for finite-lived intangible assets is as follows:

SCHEDULE OF FUTURE AMORTIZATION EXPENSE


2024	$	3,889,804
2025		3,889,804
2026		3,872,548
2027		3,758,696
2028		3,725,454
Thereafter		25,789,755
Total	$	44,926,061

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during either of the years ended December 31, 2023 or 2022.