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GOODWILL AND INTANGIBLES, NET
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES, NET

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, 2023  $3,601,781 
Acquisitions   - 
Balance as of December 31, 2024   3,601,781 
Acquisitions   - 
Balance as of September 30, 2025  $3,601,781 

 

In connection with the change in reportable operating segments in the second quarter of 2024, the Company reassessed goodwill as the segments are presented in this report. The Company’s assessment determined that these changes, or any other matters noted, including the decision to discontinue the THP segment in mid-September 2025, did not alter the Company’s conclusion that goodwill was not impaired as of September 30, 2025.

 

 

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

  

   September 30, 2025   December 31, 2024 
   Cost   Accumulated
Amortization		   Net   Cost   Accumulated
Amortization		   Net 
Amortizable Intangible Assets:                              
Patents and Other IP  $17,163,770   $(2,668,638)  $14,495,132   $17,683,771   $(1,859,840)  $15,823,931 
Customer relationships and other   7,260,008    (3,417,519)   3,842,489    7,260,008    (2,641,456)   4,618,552 
Licenses   4,700,000    (1,936,838)   2,763,162    4,700,000    (1,661,388)   3,038,612 
Total  $29,123,778   $(8,022,995)  $21,100,783   $29,643,779   $(6,162,684)  $23,481,095 

 

As of September 30, 2025, the weighted-average amortization period for finite-lived intangible assets was 12.6 years. Amortization expense related to intangible assets was $569,342 and $567,297 for the three months ended September 30, 2025 and 2024, respectively, and $1,860,312 and $1,697,935 for the nine months ended September 30, 2025 and 2024, respectively. Intangible assets, net of accumulated amortization, for assets related to discontinued operations totaled $17,525,681 for December 31, 2024. Amortization expense related to intangible assets included in discontinued operations was $428,029 and $406,965 for the three months ended September 30, 2025 and 2024, respectively and $1,284,092 and $1,220,984 for the nine months ended September 30, 2025 and 2024, respectively. Intangible asset impairment charges related to THP discontinued operations were $18,327,414 for the three and nine months ended September 30, 2025 and zero for the three and nine months ended September 30, 2024.

 

The estimated remaining amortization expense as of September 30, 2025 for finite-lived intangible assets is as follows:

 

      
Remainder of 2025  $638,724 
2026   2,548,593 
2027   2,542,291 
2028   2,542,291 
2029   2,031,219 
2030   1,520,148 
Thereafter   9,277,517 
Total  $21,100,783