XML 26 R15.htm IDEA: XBRL DOCUMENT v3.25.0.1
GOODWILL & INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & INTANGIBLE ASSETS GOODWILL & INTANGIBLE ASSETS
Goodwill
The Company has recorded goodwill in conjunction with acquisitions it has completed. The goodwill balances as of December 31, 2023 and 2022 were $9,688,975 and $15,019,671. Goodwill is not amortized. During the year ended December 31, 2023, the Company recorded impairment charges of $5,330,696 to goodwill and recorded no impairment charges to goodwill for the year ended December 31, 2022.
Intangible Assets Other Than Goodwill
Intangible assets as of December 31, 2023 and 2022 consisted of the following:
As of December 31, 2023
CostAccumulated AmortizationNet Book Value
Finite-lived intangible assets:
Customer relationships$3,269,201 $(1,004,743)$2,264,458 
Trademarks and trade names1,778,000 (663,417)1,114,583 
Backlog707,400 (707,400)— 
Licenses16,437 (16,437)— 
Total finite-lived intangible assets:5,771,038 (2,391,997)3,379,041 
Indefinite-lived intangible assets:
Trade name28,291 — 28,291 
Patents44,276 — 44,276 
Total indefinite-lived intangible assets72,567 — 72,567 
Total intangible assets, net$5,843,605 $(2,391,997)$3,451,608 
As of December 31, 2022
CostAccumulated AmortizationNet Book Value
Finite-lived intangible assets:
Customer relationships$4,212,100 $(401,997)$3,810,103 
Trademarks and trade names1,778,000 (307,817)1,470,183 
Backlog707,400 (626,003)81,397 
Licenses16,437 — 16,437 
Total finite-lived intangible assets:6,713,937  (1,335,817) 5,378,120 
Indefinite-lived intangible assets:
Trade name28,291 — 28,291 
Patents44,276 — 44,276 
Total indefinite-lived intangible assets72,567 — 72,567 
Total Intangible assets, net$6,786,504 $(1,335,817)$5,450,687 
Amortization expense for intangible assets subject to amortization for the years ended December 31, 2023 and 2022 was $1,056,180 and $1,059,779, respectively. During the year ended December 31, 2023, the Company recorded impairment charges of $942,899 to intangible assets and recorded no impairment charges to intangible assets for the year ended December 31, 2022.
The estimated future amortization expense for intangible assets subject to amortization at December 31, 2023, is summarized below:
Year ending
December 31,		Estimated Future
Amortization Expense
2024$779,955 
2025$779,948 
2026$738,364 
2027$513,714 
2028$405,306 
2029$161,754 
Total estimated future amortization expense$3,379,041