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Goodwill and other intangibles | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and other intangibles | Note 5. Goodwill and other intangibles Goodwill acquired in connection with the acquisition on November 16, 2022, is not amortized, but instead evaluated for impairment on an annual basis at the end of the fiscal year, or more frequently if events or circumstances indicate that impairment may be more likely than not. During the year ended December 31, 2022, no impairment charges were taken against the company’s goodwill. The carrying amount of goodwill arose from the acquisition described in Note 4, “Acquisition.” The change in the carrying amount of goodwill from December 31, 2022, to March 31, 2023, is as follows: Schedule of Carrying Amount of Goodwill
December 31, 2022 |  | $ | 19,266,276 |
Acquisition of Abaca |  |  | - |
March 31, 2023 |  | $ | 19,266,276 |
The Company has elected November 15 as the date for annual impairment testing or as necessary for triggering events. The management believes that there has been no change in the circumstances which could cause any indicators to impairment hence no impairment was recognized during the three months ended March 31, 2023. The Company’s finite lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The following is a summary of the Company’s finite-lived intangible assets as of March 31, 2023: Schedule of Finite Lived Intangible Assets
|  |  |  |  | Finite-lived intangible assets, net |  |  | Acquired in acquisition |  |  | Amortization |  |  | Finite-lived intangible assets, net |
|  | Remaining Useful life in Years |  |  | December 31, 2022 |  |  | Acquired in acquisition |  |  | Amortization |  |  | March 31, 2023 |
Market related intangible assets |  |  | 8 |  |  |  | 2,066,918 |  |  |  | - |  |  |  | 65,625 |  |  |  | 2,001,293 |
Customer relationships |  |  | 10 |  |  |  | 1,974,795 |  |  |  | - |  |  |  | 50,000 |  |  |  | 1,924,795 |
Developed technology |  |  | 7 |  |  |  | 6,579,374 |  |  |  | - |  |  |  | 239,286 |  |  |  | 6,340,088 |
Total intangible assets |  |  |  |  |  |  | 10,621,087 |  |  |  | - |  |  |  | 354,911 |  |  |  | 10,266,176 |
Following is a summary of the Company’s finite-lived intangible assets as of December 31, 2022.
|  |  |  |  |  |  |  | Acquired in acquisition |  |  | Amortization |  |  | Finite-lived intangible assets, net |
|  | Remaining Useful life in Years |  |  | December 31, 2021 |  |  | Acquired in acquisition |  |  | Amortization |  |  | December 31, 2022 |
Market related intangible assets |  |  | 8 |  |  |  | - |  |  | $ | 2,100,000 |  |  | $ | 33,082 |  |  | $ | 2,066,918 |
Customer relationships |  |  | 10 |  |  |  | - |  |  |  | 2,000,000 |  |  |  | 25,205 |  |  |  | 1,974,795 |
Developed technology |  |  | 7 |  |  |  | - |  |  |  | 6,700,000 |  |  |  | 120,626 |  |  |  | 6,579,374 |
Total intangible assets |  |  |  |  |  |  |  |  |  | $ | 10,800,000 |  |  | $ | 178,913 |  |  | $ | 10,621,087 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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