Note 7 - Goodwill and Intangible Assets

Goodwill and intangible assets are primarily the result of business acquisitions. Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired and liabilities assumed. Goodwill is tested for impairment at the reporting unit level at least annually, as of December 31, or more frequently when events occur and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Changes in the carrying amount of goodwill during the six months ended June 30, 2025, were as follows:

The components of intangible assets, all of which are finite-lived, are as follows:

The Company recorded amortization expense of $124,604 and $244,605 for the three and six months ended June 30, 2025, respectively, and $64,430 and $128,861 for the three and six months ended June 30, 2024, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2025:

The Company performed an interim goodwill impairment test as of June 30, 2025, and determined that the carrying amount of goodwill did not exceed its fair value, indicating no impairment was present.