v3.26.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2025
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 10—INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets as of December 31, 2025 and 2024 consist of the following:

 

   December 31,
2025		   December 31,
2024		 
Customer-related  $12,692,000   $12,692,000 
Marketing-related   899,000    899,000 
Total intangible assets   13,591,000    13,591,000 
Less: accumulated amortization   (2,033,786)   (1,066,654)
Total intangible assets, net  $11,557,214   $12,524,346 

 

Amortization expense for the years ended December 31, 2025 and 2024 was $967,132 and $250,977, respectively.

 

Estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows:

 

Year Ending December 31,  Amount 
2026  $967,132 
2027   967,132 
2028   967,132 
2029   967,132 
2030   846,132 
Thereafter   6,842,554 
Total estimated amortization expense  $11,557,214 

Below is a table summarizing the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024:

 

   Amount 
Balance as of December 31, 2023  $679,175 
Goodwill from the acquisition of CMD   5,309,876 
Impairments   (679,175)
Balance as of December 31, 2024  $5,309,876 
Impairments   
–
 
Balance as of December 31, 2025  $5,309,876 

 

During the years ended December 31, 2025 and 2024, the Company recorded goodwill impairment charges of $0 and $679,175, respectively.