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v3.25.2

Goodwill and Intangible Assets (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Goodwill and Intangible Assets [Abstract] |  |
Schedule of Activity in 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 |
| 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 |
Schedule of 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 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 |
Schedule of Future Estimated Amortization Expense | 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 |
| 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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