XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

GOODWILL AND INTANGIBLES, NET | 3 Months Ended
--- | ---
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLES, NET | NOTE 4 – GOODWILL AND INTANGIBLES, NET The changes in the carrying amount of the Company’s goodwill were as follows: SCHEDULE OF CHANGES IN THE CARRYING AMOUNT OF THE GOODWILL
|  | Total |
Balance as of December 31, 2022 |  | $ | 3,601,781 |
Acquisitions |  |  | - |
Balance as of December 31, 2023 |  |  | 3,601,781 |
Acquisitions |  |  | - |
Balance as of March 31, 2024 |  | $ | 3,601,781 |
The carrying values of the Company’s intangible assets were as follows for the periods presented: SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS
|  | March 31, 2024 |  |  | December 31, 2023 |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  | Accumulated |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |  |  | Cost |  |  | Amortization |  |  | Net |
Amortizable Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product Licenses |  | $ | 4,793,879 |  |  | $ | (1,439,136 | ) |  | $ | 3,354,743 |  |  | $ | 4,793,879 |  |  | $ | (1,342,626 | ) |  | $ | 3,451,253 |
Patents and Other IP |  |  | 38,570,549 |  |  |  | (3,765,198 | ) |  |  | 34,805,351 |  |  |  | 38,570,549 |  |  |  | (3,181,186 | ) |  |  | 35,389,363 |
Customer relationships and other |  |  | 7,947,332 |  |  |  | (2,153,816 | ) |  |  | 5,793,516 |  |  |  | 7,947,332 |  |  |  | (1,861,887 | ) |  |  | 6,085,445 |
Total |  | $ | 51,311,760 |  |  | $ | (7,358,150 | ) |  | $ | 43,953,610 |  |  | $ | 51,311,760 |  |  | $ | (6,385,699 | ) |  | $ | 44,926,061 |
As of March 31, 2024, the weighted-average amortization period for finite-lived intangible assets was 14.5 years. Amortization expense related to intangible assets was $972,451 and $671,201 for the three months ended March 31, 2024 and 2023, respectively. The estimated remaining amortization expense as of March 31, 2024 for finite-lived intangible assets is as follows: SCHEDULE OF FUTURE AMORTIZATION EXPENSE
Remainder of 2024 |  | $ | 2,917,353 |
2025 |  |  | 3,889,804 |
2026 |  |  | 3,872,548 |
2027 |  |  | 3,758,696 |
2028 |  |  | 3,725,454 |
2029 |  |  | 3,725,454 |
Thereafter |  |  | 22,064,301 |
Total |  | $ | 43,953,610 |
The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during the three months ended March 31, 2024 or 2023.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration