| Schedule of Activity in 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 | |
|
| Schedule of 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 | |
|
| Schedule of Future Estimated Amortization Expense |
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 | |
|