| Goodwill and Intangible Assets |
Note 5 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| Schedule of goodwill and intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Estimated life in years |
|
Gross amount |
|
December 31, 2023, Accumulated Amortization |
|
Net |
| Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Goodwill |
|
|
Indefinite |
|
|
$ |
4,238,671 |
|
|
$ |
— |
|
|
$ |
4,238,671 |
|
| Trademarks |
|
|
Indefinite |
|
|
|
514,268 |
|
|
|
— |
|
|
|
514,268 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total intangible assets not subject to amortization |
|
|
|
|
|
|
4,752,939 |
|
|
|
— |
|
|
|
4,752,939 |
|
| Intangible assets subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer lists |
|
|
7 |
|
|
|
2,614,099 |
|
|
|
1,434,218 |
|
|
|
1,179,881 |
|
| ABC acquired contracts |
|
|
5 |
|
|
|
310,000 |
|
|
|
310,000 |
|
|
|
— |
|
| SIAS acquired contracts |
|
|
5 |
|
|
|
660,000 |
|
|
|
660,000 |
|
|
|
— |
|
| Non-compete agreements |
|
|
4 |
|
|
|
272,147 |
|
|
|
272,147 |
|
|
|
— |
|
| Website and Digital Assets |
|
|
3 |
|
|
|
33,002 |
|
|
|
29,067 |
|
|
|
3,935 |
|
| Total intangible assets subject to amortization |
|
|
|
|
|
|
3,889,248 |
|
|
|
2,705,432 |
|
|
|
1,183,816 |
|
| Total Goodwill and Intangible Assets |
|
|
|
|
|
$ |
8,642,187 |
|
|
$ |
2,705,432 |
|
|
$ |
5,936,755 |
|
Scheduled amortization over the next five years are as follows:
| |
Schedule of amortization over the next two years |
|
|
|
|
|
| Twelve months ending December 31, |
|
|
| |
2024 |
|
|
$ |
271,078 |
|
| |
2025 |
|
|
|
267,143 |
|
| |
2026 |
|
|
|
267,143 |
|
| |
2027 |
|
|
|
267,143 |
|
| |
2028 |
|
|
|
111,309 |
|
| |
Thereafter |
|
|
|
— |
|
| |
Total |
|
|
$ |
1,183,816 |
|
Amortization expense for the years ended December 31, 2023, and 2022 was
$277,560 and $278,922 respectively.
|