Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Note 7. Goodwill and Intangible Assets, Net

The following table sets for the changes in the carrying amount of the Company’s Goodwill for the nine months ended September 30, 2023.

	2023
Balance, January 1	$	249,986
Addition:		-
Balance, September 30	$	249,986

The Company performed an evaluation of the value of goodwill at December 31, 2022. Based upon this evaluation it was determined that there should be no adjustment to goodwill. There has been nothing noted during the nine months ended September 30, 2023 that would indicate that the value of goodwill should change through that date.

The following table sets for the components of the Company’s intangible assets at September 30, 2023:

	Amortization Period (Years)		Cost		Accumulated Amortization			Net Book Value
Intangible Assets Subject to amortization
Trademarks		15	$	121,000	$	(16,761	)	$	104,239
Customer Relationships		10		600,000		(125,000	)		475,000
Non-Compete Agreements		5		22,000		(9,167	)		12,833
Total			$	743,000	$	(150,928	)	$	592,072

The aggregate amortization remaining on the intangible assets as of September 30, 2023 is a follows:

	Intangible Amortization
2023 (3 months remaining)		18,162
2024		72,466
2025		72,467
2026		71,367
2027		68,066
Thereafter		289,544
Total	$	592,072

Amortization expense for amortizable intangible assets for both the three months ended September 30, 2023 and 2022 was 18,117, respectively. Amortization expense for both the nine months ended September 30, 2023 and 2022 was 54,350, respectively.