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Goodwill
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 6. Goodwill

 

Goodwill balances and activity consisted of the following:

 

 

      
Balance at December 31, 2023  $25,093,000 
Goodwill impairment   (25,093,000)
Balance at December 31, 2024  $- 

 

As of December 31, 2024, management performed annual goodwill impairment testing. Utilizing a discounted cash flow model, projected cash flows, evaluated using a 26.3% discount rate and 3.0% terminal growth, indicated equity fair value far below the carrying amount, driven by limited historical revenues and sustained operating losses. Additional working-capital and related-party debt balance considerations further reduced equity value in the analysis. Taken together, these factors constituted triggering events and supported recording a goodwill impairment as of December 31, 2024.