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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | (8) Goodwill and Intangible Assets Goodwill Goodwill is related to the acquisition of Spectrum Semiconductor Materials Inc. on December 15, 2021. Goodwill is primarily related to expected improvements and technology performance and functionality, as well sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition. Goodwill is generally not amortizable for tax purposes and is not amortizable for financial statement purposes. As of June 30, 2023 and December 31, 2022, the carrying value of goodwill was $4,698,883, respectively. Other Intangible Assets Intangible assets with an estimated useful life of fifteen and twenty years consisted of the following at June 30, 2023:
|  | Gross Carrying |  |  | Accumulated |  |  |  |  |  | Weighted |
|  | Amount |  |  | Amortization |  |  | Net |  |  | Average Life |
Trade name |  | $ | 584,517 |  |  | $ | - |  |  | $ | 584,517 |  |  | Indefinite |
Customer relationships |  |  | 2,591,491 |  |  |  | 267,989 |  |  |  | 2,323,502 |  |  |  | 17.32 |
Intellectual property |  |  | 202,771 |  |  |  | 51,501 |  |  |  | 151,270 |  |  |  | 11.21 |
Total intangible assets, net |  | $ | 3,378,779 |  |  | $ | 319,490 |  |  | $ | 3,059,289 |  |  |  |  |
Amortization expense for the three months ended June 30, 2023 and 2022, was $37,466, respectively. Amortization expense for the six months ended June 30, 2023 and 2022, was $74,819, respectively. Annual amortization of intangible assets are as follows:
2023 - remaining |  |  | 75,157 |
2024 |  |  | 149,976 |
2025 |  |  | 149,976 |
2026 |  |  | 149,976 |
2027 |  |  | 149,976 |
Thereafter |  |  | 1,799,711 |
|  | $ | 2,474,772 |

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- Definition Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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