GOODWILL & INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company has recorded goodwill in conjunction with the acquisitions it has completed. The goodwill balances as of June 30, 2024 and December 31, 2023 were $9,688,975 and $9,688,975, respectively. Goodwill is not amortized. The Company did not record any impairment charges related to goodwill for the three or six months ended June 30, 2024 and 2023.

Intangible Assets Other Than Goodwill

Intangible assets as of June 30, 2024 and December 31, 2023 consisted of the following:


	As of June 30, 2024
	Cost		Accumulated Amortization		Net Book Value
Finite-lived intangible assets:
Customer relationships	$	3,269,201	$	(1,216,918)	$	2,052,283
Trademarks and trade names	1,778,000		(841,217)		936,783
Backlog	707,400		(707,400)		—
Licenses	16,437		(16,437)		—
Total finite-lived intangible assets:	5,771,038		(2,781,972)		2,989,066
Indefinite-lived intangible assets:
Trade name	28,291		—		28,291
Patents	44,276		—		44,276
Total indefinite-lived intangible assets	72,567		—		72,567
Total intangible assets, net	$	5,843,605	$	(2,781,972)	$	3,061,633


	December 31, 2023
	(As Restated)
	Cost		Accumulated Amortization		Net Book Value
Finite-lived intangible assets:
Customer relationships	$	3,269,201	$	(1,004,743)	$	2,264,458
Trademarks and trade names	1,778,000		(663,417)		1,114,583
Backlog	707,400		(707,400)		—
Licenses	16,437		(16,437)		—
Total finite-lived intangible assets:	5,771,038		(2,391,997)		3,379,041
Indefinite-lived intangible assets:
Trade name	28,291		—		28,291
Patents	44,276		—		44,276
Total indefinite-lived intangible assets	72,567		—		72,567
Total intangible assets, net	$	5,843,605	$	(2,391,997)	$	3,451,608

Amortization expense for intangible assets subject to amortization for the three months ended June 30, 2024 and 2023 was $194,988 and $264,166, respectively and totaled $389,975 and $574,185 for the six months ended June 30, 2024 and 2023, respectively. The estimated future amortization expense for intangible assets subject to amortization as of June 30, 2024 is summarized below:


For the years ending December 31,	Estimated Future Amortization Expense
Remainder of 2024	$	389,980
2025	779,948
2026	738,364
2027	513,714
2028	405,306
2029	161,754
Total estimated future amortization expense	$	2,989,066