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Goodwill and Intangible Assets | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Goodwill and Intangible Assets [Abstract] |  |
GOODWILL AND INTANGIBLE ASSETS | 6 - GOODWILL AND INTANGIBLE ASSETS Goodwill The following is a summary of activity in goodwill for the three months ended March 31, 2025 and 2024:
|  | March 31, 2025 |
Balance at December 31, 2024 |  | $ | 4,779,625 |
Foreign exchange transactions |  |  | 144,526 |
Balance at March 31, 2025 |  |  | 4,924,151 |
|  | March 31, 2024 |
Balance at December 31, 2023 |  | $ | 4,797,078 |
Foreign exchange transactions |  |  | 16,156 |
Balance at March 31, 2024 |  |  | 4,813,234 |
Intangible Assets Intangible assets consist of the following:
|  | As of March 31, 2025 |
|  | Amortization Period |  |  | Costs as of December 31, 2024 |  |  | Additions |  |  | Disposals |  |  | Ending Costs |  |  | Accumulated Amortization |  |  | Accumulated Impairment |  |  | Net Book Value |
Patents |  |  | 15 years |  |  | $ | 7,551,468 |  |  | $ | 130,991 |  |  |  | - |  |  |  | 7,682,459 |  |  |  | (6,784,407 | ) |  |  | - |  |  | $ | 898,052 |
|  | As of December 31, 2024 |
|  | Amortization |  |  | Costs as of January 1, |  |  |  |  |  |  |  |  | Ending |  |  | Accumulated |  |  | Accumulated |  |  | Net Book |
|  | Period |  |  | 2024 |  |  | Additions |  |  | Disposals |  |  | Costs |  |  | Amortization |  |  | Impairment |  |  | Value |
Patents |  |  | 15 years |  |  | $ | 7,332,227 |  |  | $ | 219,241 |  |  | $ | - |  |  | $ | 7,506,485 |  |  | $ | (6,765,407 | ) |  | $ | - |  |  | $ | 786,061 |
IPR&D |  |  | 5 years |  |  |  | 5,015,694 |  |  |  | - |  |  |  | - |  |  |  | 5,015,694 |  |  |  | (3,554,784 | ) |  |  | (1,460,910 | ) |  |  | - |
Other intellectual assts |  |  | 5 years |  |  |  | 969,278 |  |  |  | - |  |  |  | - |  |  |  | 969,278 |  |  |  | (969,278 | ) |  |  | - |  |  |  | - |
Intangible assets, net |  |  |  |  |  | $ | 13,317,199 |  |  | $ | 219,241 |  |  | $ | - |  |  | $ | 13,536,440 |  |  | $ | (11,289,469 | ) |  | $ | (1,460,910 | ) |  | $ | 786,061 |
Intangible assets primarily consist of patents, patent applications, and in-process research and development (“IPR&D”) and other identifiable intangible assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company’s patents have estimated remaining economic useful lives ranging from 5-15 years. Management reviews intangible assets for impairment when events and circumstances warrant. During the three months ended March 31, 2025 and 2024, there were no events that necessitated additional impairment of intangible assets. Intangible asset amortization expense for the three months ended March 31, 2025 and 2024, totaled $19,000 and $14,065, respectively. Future estimated amortization expense for the Company’s intangible assets is approximately as follows:
Future estimated amortization as of March 31, 2025 |  |  |
Remainder of 2025 |  | $ | 57,000 |
2026 |  |  | 76,000 |
2027 |  |  | 76,000 |
2028 |  |  | 76,000 |
2029 |  |  | 76,000 |
Thereafter |  |  | 537,052 |
|  | $ | 898,052 |
| 6 - GOODWILL AND INTANGIBLE ASSETS Goodwill The following is a summary of activity in goodwill:
|  | December 31, 2024 |
Balance at December 31, 2022 |  | $ | 4,576,572 |
Foreign exchange transaction |  |  | 220,506 |
Balance at December 31, 2023 |  |  | 4,797,078 |
Foreign exchange transactions |  |  | (17,453 | )
Balance at December 31, 2024 |  | $ | 4,779,625 |
Intangibles Intangible assets consist of the following:
|  | As of December 31, 2024 |
|  | Amortization Period |  |  | Costs as of January 1, 2024 |  |  | Additions |  |  | Disposals |  |  | Ending Costs |  |  | Accumulated Amortization |  |  | Accumulated Impairment |  |  | Net Book Value |
Patents |  | 5-15 years |  |  | $ | 7,332,227 |  |  | $ | 219,241 |  |  | $ | - |  |  | $ | 7,506,485 |  |  | $ | (6,765,407 | ) |  | $ | - |  |  | $ | 786,061 |
IPR&D |  | 5 years |  |  |  | 5,015,694 |  |  |  | - |  |  |  | - |  |  |  | 5,015,694 |  |  |  | (3,554,784 | ) |  |  | (1,460,910 | ) |  |  | - |
Other intellectual assets |  | 5 years |  |  |  | 969,278 |  |  |  | - |  |  |  | - |  |  |  | 969,278 |  |  |  | (969,278 | ) |  |  | - |  |  |  | - |
Intangible assets, net |  |  |  |  | $ | 13,317,199 |  |  | $ | 219,241 |  |  | $ | - |  |  | $ | 13,536,440 |  |  | $ | (11,289,469 | ) |  | $ | (1,460,910 | ) |  | $ | 786,061 |
|  | As of December 31, 2023
|  | Amortization |  | Costs as of January 1, |  |  |  |  |  |  |  |  | Ending |  |  | Accumulated |  |  | Accumulated |  |  | Net Book |
|  | Period |  | 2023 |  |  | Additions |  |  | Disposals |  |  | Costs |  |  | Amortization |  |  | Impairment |  |  | Value |
Patents |  | 5-15 years |  | $ | 7,220,776 |  |  | $ | 111,451 |  |  | $ | - |  |  | $ | 7,332,227 |  |  | $ | (6,703,750 | ) |  | $ | - |  |  | $ | 628,477 |
IPR&D |  | 5 years |  |  | 5,015,694 |  |  |  | - |  |  |  | - |  |  |  | 5,015,694 |  |  |  | (3,554,784 | ) |  |  | (1,460,910 | ) |  |  | - |
Other intellectual assets |  | 5 years |  |  | 969,278 |  |  |  | - |  |  |  | - |  |  |  | 969,278 |  |  |  | (969,278 | ) |  |  | - |  |  |  | - |
Intangible assets, net |  |  |  | $ | 13,205,748 |  |  | $ | 111,451 |  |  | $ | - |  |  | $ | 13,317,199 |  |  | $ | (11,227,812 | ) |  | $ | (1,460,910 | ) |  | $ | 628,477 |
Intangible assets primarily consist of patents, patent applications, and in-process research and development (“IPR&D”) and other identifiable intangible assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company’s patents have estimated remaining economic useful lives ranging from 5-15 years. Management reviews intangible assets for impairment when events and circumstances warrant. December 31, 2024 and 2023, no events have occurred that required additional impairment of intangible assets. Intangible asset amortization expense, for the years ended December 31, 2024 and 2023 totaled approximately $62,000 and $534,000, respectively. Future estimated amortization expense for the Company’s intangible assets is approximately as follows:
Future estimated amortization as of December 31, 2024 |  |  |
2025 |  |  | 55,444 |
2026 |  |  | 55,444 |
2027 |  |  | 55,444 |
2028 |  |  | 55,444 |
2029 |  |  | 55,444 |
Thereafter |  |  | 508,841 |
|  | $ | 786,061 |

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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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