| SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION |
As
of March 31, 2025, intangible assets subject to amortization consisted of the following:
SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION
| | |
March 31, 2025 |
| | |
Amortization
period (years) | |
Gross Amount | | |
Accumulated
Amortization | | |
Net finite
intangible
assets | |
| Customer relationships | |
5 | |
$ | 388,000 | | |
$ | (203,093 | ) | |
$ | 187,907 | |
| Contractual employment agreements | |
3 | |
| 310,000 | | |
| (291,122 | ) | |
| 18,878 | |
| Acquired capitalized internal-use software development costs | |
3 | |
| 1,023,325 | | |
| (117,694 | ) | |
| 905,631 | |
| Amortization of intangible
assets | |
| |
$ | 1,721,325 | | |
$ | (611,909 | ) | |
$ | 1,109,416 | |
SAFE
PRO GROUP INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(unaudited)
For
the three months ended March 31, 2025, amortization of intangible assets amounted to $84,341.
As
of December 31, 2024, intangible assets subject to amortization consisted of the following:
| | |
December 31, 2024 |
| | |
Amortization period (years) | |
Gross Amount | | |
Accumulated Amortization | | |
Net finite intangible assets | |
| Customer relationships | |
5 | |
$ | 388,000 | | |
$ | (183,819 | ) | |
$ | 204,181 | |
| Contractual employment agreements | |
3 | |
| 310,000 | | |
| (271,337 | ) | |
| 38,663 | |
| Acquired capitalized internal-use software development costs | |
3 | |
| 918,213 | | |
| (72,412 | ) | |
| 845,801 | |
| | |
| |
$ | 1,616,213 | | |
$ | (428,068 | ) | |
$ | 1,088,645 | |
|
As
of December 31, 2024, intangible assets subject to amortization consisted of the following:
SCHEDULE OF INTANGIBLE ASSETS SUBJECT TO AMORTIZATION
| | |
December 31, 2024 |
| | |
Amortization
period (years) | |
Gross Amount | | |
Accumulated
Amortization | | |
Net finite
intangible
assets | |
| Customer relationships | |
5 | |
$ | 388,000 | | |
$ | (183,819 | ) | |
$ | 204,181 | |
| Contractual employment agreements (1) | |
3 | |
| 310,000 | | |
| (271,337 | ) | |
| 38,663 | |
| Acquired capitalized internal-use software development costs | |
3 | |
| 918,213 | | |
| (72,412 | ) | |
| 845,801 | |
| | |
| |
$ | 1,616,213 | | |
$ | (428,068 | ) | |
$ | 1,088,645 | |
| (1) | | Amortization
related to Airborne Response’s contractual employment agreement for Daniyel Erdberg, the Company’s CEO, was cancelled on
August 30, 2024 and was fully amortized in the amount of $25,833. Currently Mr. Erdberg’s employment agreement is with Safe Pro
Group Inc. |
As
of December 31, 2023, intangible assets subject to amortization consisted of the following:
| | |
December 31, 2023 |
| | |
Amortization
period (years) | |
Gross Amount | | |
Accumulated
Amortization | | |
Net finite
intangible
assets | |
| Customer relationships | |
5 | |
$ | 388,000 | | |
$ | (106,145 | ) | |
$ | 281,855 | |
| Contractual employment agreements | |
3 | |
| 310,000 | | |
| (150,188 | ) | |
| 159,812 | |
| Acquired capitalized internal-use software development costs | |
3 | |
| 545,625 | | |
| - | | |
| 545,625 | |
| | |
| |
$ | 1,243,625 | | |
$ | (256,333 | ) | |
$ | 987,292 | |
|
| SCHEDULE OF GOODWILL |
On
March 31, 2025 and December 31, 2024, goodwill consisted of the following:
SCHEDULE OF GOODWILL
| | |
March 31, 2025 | | |
December 31, 2024 | |
| Safe-Pro USA | |
$ | 518,255 | | |
$ | 518,255 | |
| Airborne Response | |
| 166,612 | | |
| 166,612 | |
| Total goodwill | |
$ | 684,867 | | |
$ | 684,867 | |
|
On
December 31, 2024 and 2023, goodwill consisted of the following:
SCHEDULE OF GOODWILL
| | |
2024 | | |
2023 | |
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Safe-Pro USA | |
$ | 518,255 | | |
$ | 518,255 | |
| Airborne Response | |
| 166,612 | | |
| 166,612 | |
| Total goodwill | |
$ | 684,867 | | |
$ | 684,867 | |
|
| SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS |
Amortization
of intangible assets with finite lives attributable to future periods is as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| Year ending March 31: | |
Amount | |
| 2025 | |
$ | 245,179 | |
| 2026 | |
| 272,712 | |
| 2027 | |
| 249,424 | |
| 2028 | |
| 204,665 | |
| 2029 | |
| 137,436 | |
| Total | |
$ | 1,109,416 | |
|
Amortization
of intangible assets with finite lives attributable to future periods is as follows:
SCHEDULE OF AMORTIZATION OF INTANGIBLE ASSETS
| Year ending December 31: | |
Amount | |
| 2025 | |
$ | 327,787 | |
| 2026 | |
| 289,123 | |
| 2027 | |
| 260,285 | |
| 2028 | |
| 211,450 | |
| 2029 and after | |
| - | |
| Total | |
$ | 1,088,645 | |
|