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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets The Company has recorded goodwill of $5,811,578 as of June 30, 2024 and December 31, 2023. There were no changes in the carrying amount of goodwill during the six month period ended June 30, 2024. Intangible assets consists of the following:
|  | JUNE 30, 2024 |
|  | Gross Carrying |  |  | Accumulated |  |  | Net Book |
|  | Amount |  |  | Amortization |  |  | Value |
|  | (Unaudited) |
Customer Relationships |  | $ | 2,392,000 |  |  | $ | (657,800 | ) |  | $ | 1,734,200 |
Channel Relationships |  |  | 2,628,080 |  |  |  | (1,781,254 | ) |  |  | 846,826 |
Internally Developed Software |  |  | 7,864,850 |  |  |  | (5,290,141 | ) |  |  | 2,574,709 |
Trade Name and Trademarks |  |  | 1,330,472 |  |  |  | (387,543 | ) |  |  | 942,929 |
|  | $ | 14,215,402 |  |  | $ | (8,116,738 | ) |  | $ | 6,098,664 |
|  | DECEMBER 31, 2023 |
|  | Gross Carrying |  |  | Accumulated |  |  | Net Book |
|  | Amount |  |  | Amortization |  |  | Value |
Customer Relationships |  | $ | 2,392,000 |  |  | $ | (538,200 | ) |  | $ | 1,853,800 |
Channel Relationships |  |  | 2,628,080 |  |  |  | (1,693,652 | ) |  |  | 934,428 |
Internally Developed Software |  |  | 7,892,045 |  |  |  | (4,331,203 | ) |  |  | 3,560,842 |
Trade Name and Trademarks |  |  | 1,330,472 |  |  |  | (343,194 | ) |  |  | 987,278 |
|  | $ | 14,242,597 |  |  | $ | (6,906,249 | ) |  | $ | 7,336,348 |
The Company did not capitalize any internally developed software costs for the three and six month periods ended June 30, 2024. For the three and six month period ended June 30, 2023, the Company capitalized $239,500 and $692,800, respectively, of internally developed software costs, primarily associated with upgrading our ITMS™ (Intelligent Technology Management System), secure identity management technology and secure network operations center of which $280,220 was transferred from capital work in progress to internally developed software during the six month period. Capital work in progress is included in other long-term assets in the consolidated balance sheet There were no disposals of intangible assets during the three and six month period ended June 30, 2024 and 2023. The aggregate amortization expense recorded for the three and six month periods ended June 30, 2024 was approximately $650,400 and $1,223,500, respectively. The aggregate amortization expense recorded for the three and six month periods ended June 30, 2023 was approximately $506,500 and $1,007,600, respectively. As of June 30, 2024, estimated annual amortization for our intangible assets is approximately:
Remainder of 2024 |  | $ | 1,138,418 |
2025 |  |  | 1,661,850 |
2026 |  |  | 922,517 |
2027 |  |  | 612,794 |
2028 |  |  | 503,106 |
Thereafter |  |  | 1,259,979 |
Total |  | $ | 6,098,664 |

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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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- References No definition available. + Details
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