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Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
Intangible assets consisted of the following as of December 31, 2024 and December 31, 2023:

December 31, 2024
Gross carrying valueAccumulated AmortizationNet carrying value
Customer relationships
4.5– 15 years
$11,613,000 $(6,736,666)$4,876,334 
Trade name15 years783,000 (449,319)333,681 
Trademark10 years533,864 (195,862)338,002 
Backlog3 years3,210,000 (1,984,267)1,225,733 
Non-compete agreement2 years680,000 (660,000)20,000 
$16,819,864 $(10,026,114)$6,793,750 
December 31, 2023
Customer relationships
4.5– 15 years
$11,961,000 $(5,529,674)$6,431,326 
Trade name4.5 years783,000 (363,938)419,062 
Trademark15 years533,864 (145,277)388,587 
Backlog2 years3,210,000 (1,513,986)1,696,014 
Non-compete agreement
3-4 years
684,000 (648,125)35,875 
$17,171,864 $(8,201,000)$8,970,864 
The intangible assets, with the exception of the trademarks, were recorded as part of the acquisitions of Corvus, MFSI, Merrison, LSG, SSI, and GTMR. Amortization expense for the years ended December 31, 2024, 2023, and 2022 was $2,062,809, $2,380,303, and $1,970,433 respectively, and the intangible assets are being amortized based on the estimated future lives as noted above.
Future amortization of the intangible assets for the next five years as of December 31 are as follows:
2025$1,422,149 
20261,218,182 
20271,014,558 
2028528,784 
2029441,568 
Thereafter2,168,509 
Total$6,793,750 
The following table presents changes to goodwill for the years ended December 31, 2024 and 2023 for each reporting unit:

CorvusSSIMFSIMerrisonTotal
December 31, 2022$6,387,741 $8,461,150 $685,073 $— $15,533,964 
Goodwill acquired through acquisition— 2,102,037 — — 2,102,037 
Merrison subsumed into Corvus(4,429,000)(1,845,094)(645,000)— (6,919,094)
December 31, 20231,958,741 8,718,093 40,073 — 10,716,907 
Goodwill removed through disposition— — (40,073)— (40,073)
December 31, 2024$1,958,741 $8,718,093 $— $— $10,676,834