Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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.