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Goodwill and other intangibles
 3 Months Ended
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:

      
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:

     

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