v3.25.2
Goodwill
 6 Months Ended
Jun. 30, 2025
Goodwill [Abstract]  
GOODWILL

NOTE 11 – GOODWILL

 

On August 18, 2021, through a Stock Purchase Agreement, we acquired 100% of the outstanding shares of Global Stem Cell Group, Inc. for $225,000 in cash, the issuance of 1,000,000 shares of preferred series AA stock and the issuance of 8,974 shares of preferred series DD stock.

 

The preliminary purchase price for the merger was determined to be $6.229 million, which consists of (i) 1 million shares of Series AA preferred stock valued at approximately $964,000, (ii) 8,974 shares of Series DD preferred stock valued at approximately $5.04 million and (iii) $225,000 in cash of which $175,000 was advanced prior to closing of the transaction.

 

Under the acquisition method, the purchase price must be allocated to the reporting units net assets acquired, inclusive of intangible assets, with any excess fair value recorded to goodwill. The goodwill, which is not deductible for tax purposes, is attributable to the assembled workforce of Global Stem Cells Group, and the planned growth in new markets.

 

The following table summarizes the Company’s carrying amount of goodwill during the six months ended June 30, 2025, and the year ended December 31, 2024:

 

   Goodwill 
Balance at December 31, 2023  $1,679,978 
Acquisition   
-
 
Impairment   
-
 
Balance at December 31, 2024  $1,679,978 
Acquisition   
-
 
Impairment   
-
 
Balance at June 30, 2025  $1,679,978 

 

During each fiscal year, we periodically assess whether any indicators of impairment exist which would require us to perform an interim impairment review. As of each interim period end during each fiscal year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of our reporting unit below their carrying values. We performed our annual test of goodwill for impairment as of December 31, 2024.