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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | Note 8 - Goodwill and Intangible Assets Goodwill and intangible assets are primarily the result of business acquisitions. Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is tested for impairment at the reporting unit level at least annually, as of December 31, or more frequently when events occur and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. During the measurement period, the Company recorded an adjustment of $138,438 related to the Be My Neighbor acquisition, reflecting refinements in the fair value assessment of acquired liabilities. Additionally, the Company assessed the Rhove acquisition for impairment and determined that an impairment charge was necessary. The impairment evaluation considered factors such as changes in expected future cash flows and market conditions affecting the acquired assets. The impairment expense has been recognized in the financial statements accordingly. Changes in the carrying amount of goodwill were as follows:
|  | Technology Services |  |  | Rental Business |  |  | Total |
Balance at January 1, 2024 |  | $ | - |  |  | $ | 17,337,739 |  |  | $ | 17,337,739 |
Goodwill acquired, net of purchase price adjustments (1) |  |  | 4,072,728 |  |  |  | - |  |  |  | 4,072,728 |
Goodwill impairment |  |  | - |  |  |  | (17,337,739 | ) |  |  | (17,337,739 | )
Goodwill measurement period adjustment |  |  | 138,438 |  |  |  | - |  |  |  | 138,438 |
Balance at December 31, 2024 |  | $ | 4,211,166 |  |  | $ | - |  |  | $ | 4,211,166 |
(1) | Includes goodwill related to Naamche, AiChat, Be My Neighbor, and Hyperfast acquisitions. See “Note 5 – Business Combinations” for further information.
The components of intangible assets, all of which are finite-lived, are as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Gross carrying amount |  |  | Additions |  |  | Impaired |  |  | Accumulated amortization |  |  | Net carrying value |  |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying value |
Definite-life Intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed technology |  | $ | 1,119,000 |  |  | $ | 1,701,015 |  |  | $ | (688,886 | ) |  | $ | 590,619 |  |  | $ | 1,540,510 |  |  | $ | 1,119,000 |  |  | $ | 235,860 |  |  | $ | 883,140 |
Trademarks and trade names |  |  | 34,000 |  |  |  | 1,714,500 |  |  |  | - |  |  |  | 71,333 |  |  |  | 1,669,283 |  |  |  | 34,000 |  |  |  | 13,134 |  |  |  | 20,866 |
Customer relationships |  |  | 104,000 |  |  |  | 80,500 |  |  |  | (77,885 | ) |  |  | 38,887 |  |  |  | 75,613 |  |  |  | 104,000 |  |  |  | 10,044 |  |  |  | 93,956 |
Total |  | $ | 1,257,000 |  |  | $ | 3,496,015 |  |  | $ | (766,771 | ) |  | $ | 700,839 |  |  | $ | 3,285,406 |  |  | $ | 1,257,000 |  |  | $ | 259,038 |  |  | $ | 997,962 |
Following this reclassification, during the fourth quarter of 2024, the Company capitalized an additional $150,372 in significant platform improvements to the reAlpha platform (Claire). These improvements were enhancements without significant changes to the platform’s useful life, rather than costs incurred during the application development stage. The Company recorded amortization expenses of $441,800 and $259,038 for the year ended December 31, 2024, and December 31, 2023, respectively. The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2024:
Years Ending December 31: |  | Amount |
2025 |  |  | 473,256 |
2026 |  |  | 473,256 |
2027 |  |  | 473,256 |
2028 |  |  | 473,256 |
2029 |  |  | 330,063 |
Thereafter |  |  | 1,062,319 |
Total |  | $ | 3,285,406 |

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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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