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Intangible Assets and Goodwill | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets consisted of the following as of September 30, 2025, and December 31, 2024:
|  |  | September 30, 2025 |  | December 31, 2024
Customer relationships | 4.5– 15 years |  | $ | 11,613,000 |  |  | $ | 11,613,000 |
Tradename | 15 years |  | 783,000 |  |  | 783,000 |
Trademark | 10-15 years |  | 533,864 |  |  | 533,864 |
Backlog | 2-5 years |  | 3,210,000 |  |  | 3,210,000 |
Non-compete agreement | 3-5 years |  | 680,000 |  |  | 680,000 |
|  |  | 16,819,864 |  |  | 16,819,864 |
Accumulated amortization |  |  | (11,092,728) |  |  | (10,026,114) |
Intangible assets, net |  |  | $ | 5,727,136 |  |  | $ | 6,793,750 |
The intangible assets with the exception of the trademarks were recorded as part of the acquisitions of Corvus, Merrison, SSI, LSG, and GTMR. Amortization expense for the three and nine months ended September 30, 2025 was $355,537 and $1,066,611, respectively, and amortization expense for the three and nine months ended September 30, 2024 was $517,669 and $1,603,611, respectively. The intangible assets are being amortized based on the estimated future lives as noted above. Future amortization of the intangible assets for the next five years as of September 30 are as follows:
Remainder of the year ending December 31, 2025 | $ | 355,537 |
Year ending 2026 | 1,218,182 |
Year ending 2027 | 1,014,558 |
Year ending 2028 | 528,784 |
Year ending 2029 | 441,568 |
Year ending 2030 and thereafter | 2,168,507 |
Total | $ | 5,727,136 |
The goodwill rollforward for the nine months ended September 30, 2025, reflects no changes, as follows:
| Corvus |  | SSI |  |  |  | Total
December 31, 2024 | $ | 1,958,741 |  |  | $ | 8,718,093 |  |  |  |  | $ | 10,676,834 |
September 30, 2025 | $ | 1,958,741 |  |  | $ | 8,718,093 |  |  |  |  | $ | 10,676,834 |
When the Company acquires a controlling financial interest through a business combination, the Company uses the acquisition method of accounting to allocate the purchase consideration to the assets acquired and liabilities assumed, which are recorded at fair value. Any excess of purchase consideration over the net fair value of the net assets acquired is recognized as goodwill. There were no additions of goodwill for the nine months ended September 30, 2025.

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- 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
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