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Note 6 - Intangible Assets | 6 Months Ended
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Jun. 30, 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 June 30, 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 | ) |  |  | (78,183 | ) |  |  | (562,644 | )
Sub-total |  |  |  |  |  |  | 725,539 |  |  |  | (78,183 | ) |  |  | 647,356 |
Intangible assets with indefinite lives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | Indefinite |  |  |  | 280,000 |  |  |  | - |  |  |  | 280,000 |
Net identifiable intangible assets |  |  |  |  |  | $ | 1,005,539 |  |  | $ | (78,183 | ) |  | $ | 927,356 |
As of June 30, 2024, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows:
Remainder of 2024 |  | $ | 68,124 |
2025 |  |  | 136,248 |
2026 |  |  | 136,248 |
2027 |  |  | 136,248 |
2028 |  |  | 136,248 |
Thereafter |  |  | 34,240 |
Total |  | $ | 647,356 |

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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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