Goodwill and Finite Lived Intangible Asset

9 Months Ended

Sep. 30, 2024

Goodwill and Finite Lived Intangible Asset

Goodwill and Finite Lived Intangible Asset

5. Goodwill and Finite Lived Intangible Assets

Goodwill amounted to $115,300 as of September 30, 2024 and December 31, 2023.

Finite lived intangible assets consist of the following:

As of September 30, 2024:	Useful Lives	Cost		Accumulated Amortization		Net
Technology, trademarks	3-10 yrs.	$	1,216,800	$	982,800	$	234,000
Trade names	3-6 yrs.		592,300		398,400		193,900
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		214,300		157,900
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4-5 yrs.		1,060,500		944,300		116,200
Patents	5-7 yrs.		605,600		428,600		177,000
		$	4,351,400	$	3,472,400	$	879,000

As of December 31, 2023	Useful Lives	Cost		Accumulated Amortization		Net
Technology, trademarks	3-10 yrs.	$	1,216,800	$	870,900	$	345,900
Trade names	3-6 yrs.		592,300		341,600		250,700
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		193,600		178,600
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4-5 yrs.		1,060,500		797,600		262,900
Patents	5-7 yrs.		595,800		384,000		211,800
		$	4,341,600	$	3,091,700	$	1,249,900

Total amortization expense was $127,000 and $127,800 for the three months ended September 30, 2024 and 2023, respectively.

Total amortization expense was $380,700 and $385,600 for the nine months ended September 30, 2024 and 2023, respectively.

Estimated future fiscal year amortization expense of intangible assets as of September 30, 2024 is as follows:

As of September 30, 2024	Amount
Remainder of fiscal year ending 2024	$	130,100
2025		373,500
2026		195,900
2027		94,500
2028		43,700
Thereafter		41,300
Total	$	879,000