Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | (9) Goodwill and Intangible Assets
Goodwill
Goodwill is related to the acquisition of Spectrum Semiconductor Materials Inc. on December 15, 2021. Goodwill is primarily related to expected improvements and technology performance and functionality, as well as sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition. Goodwill is generally not amortizable for tax and financial statement purposes. As of March 31, 2025 and December 31, 2024 goodwill was $4,696,883, respectively.
Other Intangible Assets
Intangible assets consisted of the following at March 31, 2025:
AmpliTech Group, Inc. Notes To Condensed Consolidated Financial Statements For the Three Months Ended March 31, 2025 and 2024
Amortization expense for the three months ended March 31, 2025 and 2024 was $27,233 and $37,465, respectively.
Annual amortization of intangible assets are as follows:
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