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Note G - Intangible Assets And Goodwill

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE G—INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following as of December 31:

		2024				2023
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			(1,510,310	)			(1,199,950	)
Total		$	1,097,630			$	1,407,990

Aggregate amortization expense for 2024 and 2023 was approximately $310,000 and $355,000, 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
2025		$	267,000
2026		$	224,000
2027		$	223,000
2028		$	141,000
2029		$	117,000
Thereafter		$	125,630
Total		$	1,097,630

Goodwill

The Company concluded the amounts in goodwill had been fully impaired and accordingly wrote-off the entire balance in full for the Swivel Secure Europe LTD acquisition, due the reversal of the earnout payable based on the 2022 revenue achievement as at December 31, 2022.

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- References

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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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