v3.26.1
Goodwill and Finite Lived Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Finite Lived Intangible Assets  
Goodwill and Finite Lived Intangible Assets

6. Goodwill and Finite Lived Intangible Assets

 

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company’s acquisitions. Goodwill amounted to $115,300 as of December 31, 2025 and 2024, respectively, all of which is expected to be deductible for tax purposes.

 

The components of finite lived intangible assets are as follows:

 

 

 

Useful Lives

 

Cost

 

 

Accumulated Amortization

 

 

Net

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Technology, trademarks

 

3-10 yrs.

 

$1,216,800

 

 

$1,216,800

 

 

$-

 

Trade names

 

3-6 yrs.

 

 

592,300

 

 

 

592,300

 

 

 

-

 

Websites

 

3-7 yrs.

 

 

210,000

 

 

 

210,000

 

 

 

-

 

Customer relationships

 

4-10 yrs.

 

 

372,200

 

 

 

372,200

 

 

 

-

 

Sublicense agreements

 

10 yrs.

 

 

294,000

 

 

 

294,000

 

 

 

-

 

Non-compete agreements

 

4-5 yrs.

 

 

1,060,500

 

 

 

1,060,500

 

 

 

-

 

Patents

 

5-7 yrs.

 

 

408,800

 

 

 

305,300

 

 

 

103,500

 

 

 

 

 

$4,154,600

 

 

$4,051,100

 

 

$103,500

 

 

 

 

Useful Lives

 

Cost

 

 

Accumulated Amortization

 

 

Net

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Technology, trademarks

 

3-10 yrs.

 

$1,216,800

 

 

$1,020,100

 

 

$196,700

 

Trade names

 

3-6 yrs.

 

 

592,300

 

 

 

417,300

 

 

 

175,000

 

Websites

 

3-7 yrs.

 

 

210,000

 

 

 

210,000

 

 

 

-

 

Customer relationships

 

4-10 yrs.

 

 

372,200

 

 

 

221,200

 

 

 

151,000

 

Sublicense agreements

 

10 yrs.

 

 

294,000

 

 

 

294,000

 

 

 

-

 

Non-compete agreements

 

4-5 yrs.

 

 

1,060,500

 

 

 

993,200

 

 

 

67,300

 

Patents

 

5-7 yrs.

 

 

408,800

 

 

 

252,800

 

 

 

156,000

 

 

 

 

 

$4,154,600

 

 

$3,408,600

 

 

$746,000

 

 

Total amortization expense was $351,500 and $507,700 for the years ended December 31, 2025 and 2024, respectively.

 

During the year ended December 31, 2025 the Company assessed the recoverability of intangible assets, consisting primarily of customer relationships, technologies, software and trademarks, for impairment in accordance with ASC 350-360. It was determined that the future cash flows from these assets are lower than the carrying amount on the consolidated balance sheet. Therefore, an impairment charge of $291,000 was recorded for the SBHI unit intangible assets.

 

Estimated future amortization expense of intangible assets as of December 31, 2025 is as follows:

 

As of December 31,

 

 

 

2026

 

$44,200

 

2027

 

 

43,900

 

2028

 

 

15,400

 

Total

 

$103,500