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Note K - Intangible Assets And Goodwill

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE K—INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following as of December 31:

		2023				2022
Trade name		$	130,000			$	130,000
Proprietary software			420,000				420,000
Customer relationships			1,692,860				1,692,860
Patents and patents pending			365,080				365,080
			2,607,940				2,607,940
Less accumulated amortization			(1,199,950	)			(845,115	)
Total		$	1,407,990			$	1,762,825

Aggregate amortization expense for 2023 and 2022 was approximately $355,000 and $298,000, respectively. Estimated minimum amortization expense based on straight line amortization of the software license rights for each of the next five years and thereafter approximates the following:

Years ending December 31
2024		$	311,000
2025		$	267,000
2026		$	224,000
2027		$	223,000
2028		$	141,000
Thereafter		$	241,990
Total		$	1,407,990

Goodwill

The Company concluded the amounts in goodwill had been fully impaired and accordingly wrote-off the entire balance in full as at December 31, 2022.

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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

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