Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

The Company has recorded goodwill of $5,811,578 as of June 30, 2025 and December 31, 2024. There were no changes in the carrying amount of goodwill during the three and six month periods ended June 30, 2025 and 2024.

Intangible assets consists of the following:

	JUNE 30, 2025
	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value
Customer Relationships	$	2,392,000	$	(897,000	)	$	1,495,000
Channel Relationships		2,628,080		(1,956,459	)		671,621
Internally Developed Software		7,837,115		(6,761,269	)		1,075,846
Trade Name and Trademarks		1,330,472		(476,241	)		854,231
	$	14,187,667	$	(10,090,969	)	$	4,096,698

	DECEMBER 31, 2024
	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value
Customer Relationships	$	2,392,000	$	(777,400	)	$	1,614,600
Channel Relationships		2,628,080		(1,868,857	)		759,223
Internally Developed Software		7,837,115		(6,045,723	)		1,791,392
Trade Name and Trademarks		1,330,472		(431,892	)		898,580
	$	14,187,667	$	(9,123,872	)	$	5,063,795

The Company did not capitalize any internally developed software costs for the three and six month periods ended June 30, 2025 and 2024.

There were no disposals of intangible assets during the three and six month periods ended June 30, 2025 and 2024.

The aggregate amortization expense recorded for the three and six month periods ended June 30, 2025 was approximately $486,500 and $967,100, respectively. The aggregate amortization expense recorded for the three and six month periods ended June 30, 2024 was approximately $650,400 and $1,223,500, respectively

As of June 30, 2025, estimated annual amortization for intangible assets is approximately:

Remainder of 2025	$	770,875
2026		1,032,201
2027		530,533
2028		503,106
2029		373,451
Thereafter		886,532
Total	$	4,096,698