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Intangible Assets, Net and Goodwill

6 Months Ended

Jun. 30, 2024

Note 7. Intangible Assets, Net and Goodwill

The following table sets forth the components of the Company’s intangible assets at June 30, 2024 and December 31, 2023:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
Extraction Technology patents	$	113,430	$	22,241	$	91,189	$	113,430	$	18,905	$	94,525
Extraction Technology		16,385,157		7,714,678		8,670,479		16,385,157		7,305,049		9,080,108
Acquired crude oil contracts		16,788,760		3,417,177		13,371,583		16,788,760		2,525,739		14,263,021
Total intangible assets	$	33,287,347	$	11,154,096	$	22,133,251	$	33,287,347	$	9,849,693	$	23,437,654

The changes in the carrying amount of goodwill are as follows:

Schedule of goodwill
	Goodwill
January 1, 2023	$	12,678,108
Business combination acquisition⁽¹⁾		2,306,660
December 31, 2023	$	14,984,768
June 30, 2024	$	14,984,768

(1)

The measurement of assets acquired and liabilities assumed in the business combination is based on preliminary estimates made by management and subject to adjustment within twelve months. Management hired a valuation expert who performed a valuation study to calculate the fair value of the acquired assets, assumed liabilities and goodwill within twelve months. Based on the valuation study, we increased the fair value of goodwill and decreased the value of the acquired contracts by $2.3 million in 2023.