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GOODWILL AND INTANGIBLES, NET
 6 Months Ended
Jun. 30, 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:

 

   Total 
Balance as of December 31, 2022  $3,601,781 
Acquisitions   - 
Balance as of December 31, 2023   3,601,781 
Acquisitions   - 
Balance as of June 30, 2024  $3,601,781 

 

In connection with the change in reportable operating segments, the Company reassessed goodwill with respect to the change in reportable operating segments as they are presented in this report. Goodwill was recorded in connection with the acquisition of Scendia and is included entirely within the Sanara Surgical Segment. The Company’s assessment determined that these changes, or any other matters noted, did not alter the Company’s conclusion that goodwill is not impaired as of June 30, 2024 or for the periods then ended.

 

 

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

 

   June 30, 2024   December 31, 2023 
       Accumulated           Accumulated     
   Cost   Amortization   Net   Cost   Amortization   Net 
Amortizable Intangible Assets:                              
Product Licenses  $4,793,879   $(1,535,647)  $3,258,232   $4,793,879   $(1,342,626)  $3,451,253 
Patents and Other IP   38,566,549    (4,348,964)   34,217,585    38,570,549    (3,181,186)   35,389,363 
Customer relationships and other   7,947,332    (2,445,745)   5,501,587    7,947,332    (1,861,887)   6,085,445 
Total  $51,307,760   $(8,330,356)  $42,977,404   $51,311,760   $(6,385,699)  $44,926,061 

 

As of June 30, 2024, the weighted-average amortization period for finite-lived intangible assets was 14.5 years. Amortization expense related to intangible assets was $972,206 and $695,202 for the three months ended June 30, 2024 and 2023, respectively, and $1,944,657 and $1,366,403 for the six months ended June 30, 2024 and 2023, respectively. The estimated remaining amortization expense as of June 30, 2024 for finite-lived intangible assets is as follows:

 

      
Remainder of 2024  $1,944,768 
2025   3,889,537 
2026   3,872,281 
2027   3,758,429 
2028   3,725,187 
2029   3,725,187 
Thereafter   22,062,015 
Total  $42,977,404 

 

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during the six months ended June 30, 2024 or 2023.