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Note 6 - Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
Note 6. | Intangible Assets
Information regarding our intangible assets is as follows:
|  | Weighted Average Useful Life (Years) |  |  | Balance December 31, 2023 |  |  | Additions |  |  | Balance March 31, 2024 |
Intangible assets with estimated useful lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 8.0 |  |  | $ | 1,090,000 |  |  | $ | - |  |  | $ | 1,090,000 |
Non-compete agreements |  |  | 3.0 |  |  |  | 120,000 |  |  |  | - |  |  |  | 120,000 |
Accumulated amortization |  |  |  |  |  |  | (484,461 | ) |  |  | (44,061 | ) |  |  | (528,522 | )
Sub-total |  |  |  |  |  |  | 725,539 |  |  |  | (44,061 | ) |  |  | 681,478 |
Intangible assets with indefinite lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | Indefinite |  |  |  | 280,000 |  |  |  | - |  |  |  | 280,000 |
Net identifiable intangible assets |  |  |  |  |  | $ | 1,005,539 |  |  | $ | (44,061 | ) |  | $ | 961,478 |
|  | Weighted Average Useful Life (Years) |  |  | Balance December 31, 2022 |  |  | Additions |  |  | Balance March 31, 2023 |
Intangible assets with estimated useful lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  |  | 8.0 |  |  | $ | 1,090,000 |  |  | $ | - |  |  | $ | 1,090,000 |
Non-compete agreements |  |  | 3.0 |  |  |  | 120,000 |  |  |  | - |  |  |  | 120,000 |
Accumulated amortization |  |  |  |  |  |  | (308,217 | ) |  |  | (44,061 | ) |  |  | (352,278 | )
Sub-total |  |  |  |  |  |  | 901,783 |  |  |  | (44,061 | ) |  |  | 857,722 |
Intangible assets with indefinite lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | Indefinite |  |  |  | 280,000 |  |  |  | - |  |  |  | 280,000 |
Net identifiable intangible assets |  |  |  |  |  | $ | 1,181,783 |  |  | $ | (44,061 | ) |  | $ | 1,137,722 |
As of March 31, 2024, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows:
Remainder of 2024 |  | $ | 102,246 |
2025 |  |  | 136,248 |
2026 |  |  | 136,248 |
2027 |  |  | 136,248 |
2028 |  |  | 136,248 |
Thereafter |  |  | 34,240 |
Total |  | $ | 681,478 |
WaveDancer, Inc. | Form 10-Q March 31, 2024

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