Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 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 six months ended June 30, 2024.

	2024
Balance, January 1	$	249,986
Addition:		-
Balance, June 30	$	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 six months ended June 30, 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 June 30, 2024:

	Amortization Period (Years)		Cost		Accumulated Amortization			Net Book Value
Intangible Assets Subject to amortization
Trademarks		15	$	121,000	$	(22,811	)	$	98,189
Customer Relationships		10		600,000		(170,000	)		430,000
Non-Compete Agreements		5		22,000		(12,467	)		9,533
Total			$	743,000		$ (205,278)		$	537,722

The aggregate amortization remaining on the intangible assets as of June 30, 2024 is a follows:

	Intangible Assets Amortization
2024 (6 months remaining)		36,233
2025		72,467
2026		71,367
2027		68,066
2028		68,066
Thereafter		221,523
Total	$	537,722

Amortization expense for amortizable intangible assets for each of the six months ended June 30, 2024 and 2023 was $36,233.