Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill

Goodwill

10. Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:

	DECEMBER 31,		DECEMBER 31,
	2024		2023
Balances, January 1	$	5,811,578	$	5,811,578
Balances, December 31	$	5,811,578	$	5,811,578

In December 31, 2024 in connection with its annual budgeting and forecast process, the Company projected future cashflows based on existing business and margins, projected new business as well considering modifications to the Company’s cost structure and discounted those cashflows to determine a market value of the Company.  At December 31, 2023 in connection with its annual budgeting and forecast process, the Company projected future cashflows based on existing business and margins, projected new business as well considering modifications to the Company’s cost structure The market approach utilizes multiples of earnings before interest expense, taxes, depreciation and amortization (EBITDA) to estimate the fair value of our reporting unit. The market multiples used for our single reporting unit were based on a group of comparable companies’ market multiples applied to the Company’s revenue and EBITDA. The assessment did not result in any impairment of goodwill as of December 31, 2024 and 2023.