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Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill

4. Intangible Assets and Goodwill

The Company’s intangible assets and goodwill consisted of:

 

 

December 31,

 

 

 

2024

 

 

2023

 

Tradename

 

$

11,267,698

 

 

$

10,007,698

 

Customer List

 

 

21,114,198

 

 

 

18,824,198

 

Non-Compete

 

 

1,667,536

 

 

 

1,247,536

 

Patents

 

 

2,271,980

 

 

 

2,271,980

 

Subtotal

 

$

36,321,412

 

 

$

32,351,412

 

Less: Accumulated Amortization

 

 

15,918,312

 

 

 

13,349,964

 

Translation Adjustments

 

 

(80,069

)

 

 

-

 

Intangible Assets

 

$

20,323,031

 

 

$

19,001,448

 

Goodwill

 

$

9,907,657

 

 

$

8,188,829

 

Total:

 

$

30,230,688

 

 

$

27,190,277

 

 

 

 

Amortization expense for intangible assets for the years ended December 31, 2024 and 2023 were $2,568,349 and $2,111,078, respectively. The estimated aggregate amortization expense for each of the next five years, calculated on a similar basis, is as follows: 2025 - $2,431,597; 2026 - $2,033,725; 2027 - $1,705,356; 2028 - $1,588,689; and 2029 - $1,518,055.