v3.24.1.1.u2
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 5 - Goodwill and Intangible Assets

 

Goodwill and intangible assets consisted of the following:

 

               
    Estimated life in years   Gross amount   December 31, 2023, Accumulated Amortization   Net
Intangible assets not subject to amortization                                
Goodwill     Indefinite     $ 4,238,671     $ —     $ 4,238,671  
Trademarks     Indefinite       514,268       —       514,268  
                                 
Total intangible assets not subject to amortization             4,752,939       —       4,752,939  
Intangible assets subject to amortization                                
Customer lists     7       2,614,099       1,434,218       1,179,881  
ABC acquired contracts     5       310,000       310,000       —  
SIAS acquired contracts     5       660,000       660,000       —  
Non-compete agreements     4       272,147       272,147       —  
Website and Digital Assets     3       33,002       29,067       3,935  
Total intangible assets subject to amortization             3,889,248       2,705,432       1,183,816  
Total Goodwill and Intangible Assets           $ 8,642,187     $ 2,705,432     $ 5,936,755  

 

   Estimated life in years  Gross amount 

March 31, 2024,

Accumulated Amortization		  Net
Intangible assets not subject to amortization                    
Goodwill   Indefinite   $4,238,671   $—   $4,238,671 
Trademarks   Indefinite    514,268    —    514,268 
                     
Total intangible assets not subject to amortization        4,752,939    —    4,752,939 
Intangible assets subject to amortization                    
Customer lists   7    2,614,099    1,501,004    1,113,095 
ABC acquired contracts   5    310,000    310,000    — 
SIAS acquired contracts   5    660,000    660,000    — 
Non-compete agreements   4    272,147    272,147    — 
Website and Digital Assets   3    33,002    31,428    1,574 
Total intangible assets subject to amortization        3,889,248    2,774,579    1,114,669 
Total Goodwill and Intangible Assets       $8,642,187   $2,774,579   $5,867,608 

 

Scheduled amortization over the next five years are as follows:

 

   

Period ending December 31,

   
 2024   $201,931 
 2025    267,143 
 2026    267,143 
 2027    267,143 
 2028    111,309 
 Thereafter    — 
 Total   $1,114,669 

 

Amortization expense for the three months ended March 31, 2024, and 2023 was $69,147 and $69,731, respectively.