NOTE 7 – GOODWILL AND OTHER INTANGIBLE ASSETS

The Company acquired the operations, assets and liabilities of Innovative Network Designs, LLC during the year ended December 31, 2022. The Company recognized goodwill of $5,363,173. Prior to 2024, the Company wrote off its goodwill by $4,136,746. During the year ended December 31, 2024, this goodwill was further impaired to $0, incurring a loss of $1,226,427.

During the year ended December 31, 2023, the Company acquired the operations, assets and liabilities of RedGear, LLC and recognized goodwill of $2,117,502. During the year ended December 31, 2024, the Company fully impaired this goodwill incurring a loss of $2,117,502.

During the year ended December 31, 2024, the Company acquired a customer list from Singer for $121,001. The Company offered Singer’s customers new agreements under its updated business model; however, most declined. As a result, the Company wrote off the customer list by $121,001 incurring a loss of $121,001.