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GOODWILL AND INTANGIBLES, NET
 3 Months Ended
Mar. 31, 2025
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, 2023  $3,601,781 
Acquisitions   - 
Balance as of December 31, 2024   3,601,781 
Acquisitions   - 
Balance as of March 31, 2025  $3,601,781 

 

In connection with the change in reportable operating segments, the Company reassessed goodwill as the segments 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 March 31, 2025 or 2024.

 

 

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

  

   March 31, 2025   December 31, 2024 
   Cost   Accumulated
Amortization		   Net   Cost   Accumulated
Amortization		   Net 
Amortizable Intangible Assets:                              
Patents and Other IP  $38,032,240   $(5,592,399)  $32,439,841   $38,009,240   $(5,008,856)  $33,000,384 
Customer relationships and other   7,948,299    (3,301,002)   4,647,297    7,948,299    (3,007,118)   4,941,181 
Licenses   6,784,278    (1,857,419)   4,926,859    4,793,879    (1,728,668)   3,065,211 
Total  $52,764,817   $(10,750,820)  $42,013,997   $50,751,418   $(9,744,642)  $41,006,776 

 

As of March 31, 2025, the weighted-average amortization period for finite-lived intangible assets was 14.2 years. Amortization expense related to intangible assets was $1,078,152 and $972,451 for the three months ended March 31, 2025 and 2024, respectively. The estimated remaining amortization expense as of March 31, 2025 for finite-lived intangible assets is as follows:

  

      
Remainder of 2025  $3,220,376 
2026   4,287,531 
2027   4,181,502 
2028   4,140,443 
2029   3,629,372 
2030   2,701,445 
Thereafter   19,853,328 
Total  $42,013,997 

 

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during the three months ended March 31, 2025 or 2024.