v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

7 - GOODWILL AND INTANGIBLE ASSETS

 

Goodwill

 

The following is a summary of activity in goodwill for the six months ended June 30, 2025 and 2024:

 

   June 30,
2025		 
Balance at December 31, 2024  $4,779,625 
Foreign exchange transactions   453,874 
Balance at June 30, 2025   5,233,499 

 

   June 30,
2024		 
Balance at December 31, 2023  $4,797,078 
Foreign exchange transactions   (3,929)
Balance at June 30, 2024   4,793,149 

 

Intangible Assets

 

Intangible assets consist of the following:

 

   As of June 30, 2025
   Amortization
Period		  Costs as of
December 31,
2024		   Additions   Disposals   Ending
Costs		   Accumulated
Amortization		   Accumulated
Impairment		   Net Book
Value		 
Patents  15 years  $7,551,468   $158,464         -    7,709,932    (6,803,650)         -   $906,282 
Proprietary technology  10 years   
-
    6,904,306    
-
    6,904,306    (89,029)   
-
    6,815,276 
Intangible assets, net      7,551,468    7,062,770    
-
    14,614,238    (6,892,679)   
-
    7,721,559 

 

   As of December 31, 2024
   Amortization  Costs as of
January 1,		           Ending   Accumulated   Accumulated   Net Book 
   Period  2024   Additions   Disposals   Costs   Amortization   Impairment   Value 
Patents  15 years  $7,332,227   $219,241   $
-
   $7,506,485   $(6,765,407)  $
-
   $786,061 
IPR&D  5 years   5,015,694    
-
    
      -
    5,015,694    (3,554,784)   (1,460,910)   
-
 
Intangible assets, net     $12,347,921   $219,241   $
-
   $12,552,179   $(10,320,191)  $(1,460,910)  $786,061 

 

 

Intangible assets primarily consist of proprietary technology, patents, patent applications, and in-process research and development (“IPR&D”) and other identifiable intangible assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company’s patents have estimated remaining economic useful lives ranging from 5-15 years and the proprietary technology associated with the Crowdkeep Transaction, as defined below, has an estimated remaining useful life of 10 years. Management reviews intangible assets for impairment when events and circumstances warrant. During the six months ended June 30, 2025 and 2024, there were no events that necessitated additional impairment of intangible assets.

 

Intangible asset amortization expense for the three months ended June 30, 2025 and 2024, totaled $108,272 and $14,000, respectively. Intangible asset amortization expense for the six months ended June 30, 2025 and 2024, totaled $127,272 and $28,000, respectively.

Future estimated amortization expense for the Company’s intangible assets is approximately as follows:

 

Future estimated amortization as of June 30, 2025    
Remainder of 2025  $373,230 
2026   740,335 
2027   740,335 
2028   742,152 
2029   740,335 
Thereafter   4,385,172 
   $7,721,559