XML 26 R16.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

7. Goodwill and Intangible Assets

The Company has recorded goodwill of $5,811,578 as of September 30, 2025 and December 31, 2024. There were no changes in the carrying amount of goodwill during the three and nine month periods ended September 30, 2025 and 2024.

Intangible assets consists of the following:

SEPTEMBER 30, 2025

Gross Carrying

Accumulated

Net Book

Amount

Amortization

Value

Customer Relationships

2,392,000

(956,800

)

1,435,200

Channel Relationships

2,628,080

(2,000,261

)

627,819

Internally Developed Software

7,837,115

(7,054,178

)

782,937

Trade Name and Trademarks

1,330,472

(498,415

)

832,057

14,187,667

(10,509,654

)

3,678,013

	DECEMBER 31, 2024
	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value

Customer Relationships	$	2,392,000	$	(777,400	)	$	1,614,600
Channel Relationships		2,628,080		(1,868,857	)		759,223
Internally Developed Software		7,837,115		(6,045,723	)		1,791,392
Trade Name and Trademarks		1,330,472		(431,892	)		898,580

	$	14,187,667	$	(9,123,872	)	$	5,063,795

The Company did not capitalize any internally developed software costs for the three and nine month periods ended September 30, 2025 and 2024.

There were no disposals of intangible assets during the three and nine month periods ended September 30, 2025 and 2024.

The aggregate amortization expense recorded for the three and nine month periods ended September 30, 2025 was approximately $418,700 and $1,385,800, respectively. The aggregate amortization expense recorded for the three and nine month periods ended September 30, 2024 was approximately $558,600 and $1,782,100, respectively

As of September 30, 2025, estimated annual amortization for intangible assets is approximately:

Remainder of 2025	$	348,700
2026		1,032,201
2027		534,021
2028		503,103
2029		373,446
Thereafter		886,542
Total	$	3,678,013