Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Note 6. Goodwill and Intangible Assets, Net

The following table sets for the changes in the carrying amount of the Company’s Goodwill for the three months ended March 31, 2024.

	2024
Balance, January 1	$	249,986
Addition:		-
Balance, March 31	$	249,986

The Company performed an evaluation of the value of goodwill at December 31, 2023. Based upon this evaluation it was determined that there should be no adjustment to goodwill. There has been nothing noted during the three months ended March 31, 2024 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 March 31, 2024:

	Amortization Period (Years)		Cost		Accumulated Amortization			Net Book Value
Intangible Assets Subject to amortization
Trademarks		15	$	121,000	$	(20,794	)	$	100,206
Customer Relationships		10		600,000		(155,000	)		445,000
Non-Compete Agreements		5		22,000		(11,367	)		10,633
Total			$	743,000		$ (187,161)		$	555,839

The aggregate amortization remaining on the intangible assets as of March 31, 2024 is a follows:

	Intangible Amortization
2024 (9 months remaining)		54,350
2025		72,467
2026		71,367
2027		68,066
2028		68,066
Thereafter		221,523
Total	$	555,839

Amortization expense for amortizable intangible assets for each of the three months ended March 31, 2024 and 2023 was 18,117.