GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

7. GOODWILL AND INTANGIBLE ASSETS

Goodwill
Balance as of December 31, 2022 and 2023 and March 31, 2024	$	2,534,275
Indefinite Lived Intangible Assets
Balance as of December 31, 2022 and 2023 and March 31, 2024	$	770,000

Goodwill relates to the acquisition of ENP Investments. Indefinite lived intangible assets consist of trade secrets and trademarks related to the acquisition of ENP Investments.

Definite Life Intangible Assets
Balance as of December 31, 2022		1,670,000
Amortization		(160,000	)
Balances as of December 31, 2023	$	1,510,000
Amortization		(40,000	)
Balances as of March 31, 2024	$	1,470,000

The amount of amortization for three months ended March 31, 2024 was $40,000 (2023 - $40,000) and was included in cost of sales in the unaudited interim condensed consolidated statements of income and comprehensive income.

Definite lived intangible assets consist of customer relationships and software related to the acquisition of ENP Investments.

Estimated amortization expense over the next five years is as follows:

2024	$	160,000
2025		160,000
2026		160,000
2027		160,000
2028		160,000