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GOODWILL AND INTANGIBLES, NET
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES, NET

NOTE 5 – 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 December 31, 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 December 31, 2024 or 2023.

 

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

 

   December 31, 2024   December 31, 2023 
   Cost   Accumulated
Amortization		   Net   Cost   Accumulated
Amortization		   Net 
Amortizable Intangible Assets:                              
Patents and Other IP  $38,009,240   $(5,008,856)  $33,000,384   $38,570,549   $(3,181,186)  $35,389,363 
Customer relationships and other   7,948,299    (3,007,118)   4,941,181    7,947,332    (1,861,887)   6,085,445 
Product Licenses   4,793,879    (1,728,668)   3,065,211    4,793,879    (1,342,626)   3,451,253 
Total  $50,751,418   $(9,744,642)  $41,006,776   $51,311,760   $(6,385,699)  $44,926,061 

 

As of December 31, 2024, the weighted-average amortization period for finite-lived intangible assets was 14.6 years. Amortization expense related to intangible assets was $3,891,737 and $3,218,888 for the year ended December 31, 2024 and 2023, respectively. The estimated remaining amortization expense as of December 31, 2024 for finite-lived intangible assets is as follows:

 

      
2025  $3,894,221 
2026   3,876,965 
2027   3,763,113 
2028   3,722,054 
2029   3,722,054 
Thereafter   22,028,369 
Total  $41,006,776 

 

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during the year ended December 31, 2024 or 2023.