Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:

	September 30, 2024			December 31, 2023
	(Successor)
Goodwill	$	20,007,669		$	20,007,669
Intangible Assets
Customer relationships		1,700,000			1,700,000
Trade name		2,400,000			2,400,000
Developed technology		2,600,000			2,600,000
Intangible assets, gross		6,700,000			6,700,000
Accumulated amortization		(1,823,751	)		-
Intangible assets, net	$	4,876,249		$	6,700,000

On December 29, 2023, in relation to the acquisition of CardCash (See Note 3), the Company recorded intangible assets of $6,700,000 (provisional). During the period September 30, 2024, the Company recorded an amortization expense of $1,823,751, leaving an ending intangible asset balance of $4,876,249 at September 30, 2024.

Identifiable intangibles are amortized over their estimated remaining useful lives, which are as follows:

Description	Weighted Average Useful Life (in years)
Customer relationships	3
Trademarks, trade names and service marks	3
Developed technology	3
Non-competition agreement	5

Estimated amortization expense for the Company is as follows:

2024 (remaining)	$	408,249
2025		2,234,000
2026		2,234,000
	$	4,876,249