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Goodwill and Intangible Assets

6 Months Ended

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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- References

No definition available.

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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

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