v3.25.2
Goodwill and Intangible Assets
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets [Abstract]    
Goodwill and Intangible Assets
5. Goodwill and Intangible Assets

 

The following table shows the changes in the carrying amount of goodwill for the period:

 

Goodwill as of December 31, 2023   8,147,590 
Disposals   (125,508)
Goodwill as of December 31, 2024   8,022,082 
Acquisitions   
-
 
Goodwill as of March 31, 2025  $8,022,082 

 

There was no goodwill impairment recognized in the periods ended March 31, 2025 and December 31, 2024.

 

The following summarizes the Company’s intangible assets as of March 31, 2025 and December 31, 2024:

 

   March 31,   December 31, 
   2025   2024 
Client List  $1,916,444   $1,916,444 
Noncompete Agreement   398,300    398,300 
Trademark   1,047,792    1,047,792 
Other Intangible Assets   45,836    45,836 
Accumulated amortization   (1,927,020)   (1,774,445)
   $1,481,352   $1,633,927 

 

Amortization expenses were $152,575 and $208,014 for the three months ended March 31, 2025 and 2024, respectively.

 

Expected future amortization expense of intangible assets as of March 31, 2025, is as follows:

 

Remainder of 2025  $455,449 
2026   575,259 
2027   368,079 
2028   82,565 
2029   
-
 
2030   
-
 
   $1,481,352 
5. Goodwill and Intangible Assets

 

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:

 

Goodwill as of December 31, 2022  $7,614,553 
Acquisitions   533,037 
Goodwill as of December 31, 2023   8,147,590 
Disposals   (125,508)
Goodwill as of December 31, 2024  $8,022,082 

 

There was no goodwill impairment recognized in the years ended December 31, 2024 and 2023.

 

The following summarizes the Company’s intangibles assets not including goodwill as of December 31, 2024 and 2023:

 

   Year Ended December 31, 
   2024   2023 
Client List  $1,916,444   $2,071,000 
Noncompete Agreement   398,300    398,300 
Trademark   1,047,792    1,117,200 
Other Intangible Assets   45,836    45,836 
Accumulated amortization   (1,774,445)   (1,119,308)
   $1,633,927   $2,513,028 

Amortization expenses were $778,343 and $749,062 for the years ended December 31, 2024 and 2023, respectively.

 

Expected future amortization expense of intangible assets as of December 31, 2024 is as follows:

 

2025  $608,025 
2026   575,259 
2027   368,079 
2028   82,564 
2029   
-
 
   $1,633,927