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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets

Intangible assets and the related accumulated amortization consist of the following at December 31, 2024:

 

 

Amortization Period

 

Gross Carrying Value

 

Accumulated Amortization

 

Net Book Value

Continuing operations:

 

 

 

 

 

 

 

Patents

16 years

 

$70,746

 

$51,105

 

$19,641

 

Intangible assets and the related accumulated amortization consist of the following at December 31, 2023:

 

 

Amortization Period

 

Gross Carrying Value

 

 

Accumulated Amortization

 

 

Net Book Value

 

Continuing operations:

 

 

 

 

 

 

 

 

 

 

Patents

16 years

 

$

70,746

 

 

$

46,559

 

 

$

24,187

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

Customer contracts

20 years

 

$

12,170,000

 

 

$

337,313

 

 

$

11,832,687

 

Trade name

7 years

 

 

2,220,000

 

 

 

132,143

 

 

 

2,087,857

 

Intellectual property

7 years

 

 

8,870,000

 

 

 

527,976

 

 

 

8,342,024

 

 

 

 

$

23,260,000

 

 

$

997,432

 

 

$

22,262,568

 

Summary of Amortization Expense Related to Intangible Assets

Amortization expense related to the Company’s intangible assets for future years is as follows:

 

2025

$

4,546

 

2026

 

4,546

 

2027

 

4,021

 

2028

 

2,448

 

2029

 

2,448

 

Thereafter

 

1,632

 

 

$

19,641