| Schedule of Activity in Goodwill |
The following is a summary of activity
in goodwill for the years ended December 31, 2025 and 2024:
| Balance at December 31, 2023 | |
$ | 4,797,078 | |
| Foreign exchange transaction | |
| (17,453 | ) |
| Balance at December 31, 2024 | |
| 4,779,625 | |
| Foreign exchange transactions | |
| 322,000 | |
| Balance at December 31, 2025 | |
$ | 5,101,625 | |
|
| Schedule of Intangible Assets |
Intangible assets consist of the
following:
| | | As of December 31, 2025 | | | | Amortization
Period | | Costs as of
January 1, 2025 | | | Additions | | | Disposals | | | Ending
Costs | | | Accumulated
Amortization | | | Accumulated
Impairment | | | Net Book
Value | | | Patents | | 15 years | | $ | 7,551,468 | | | $ | 239,128 | | | $ | - | | | $ | 7,790,596 | | | $ | (6,844,695 | ) | | $ | - | | | $ | 945,901 | | | Proprietary technology | | 10 years | | | - | | | | 6,904,306 | | | | - | | | | 6,904,306 | | | | (423,343 | ) | | | - | | | | 6,480,963 | | | Intangible assets, net | | | | $ | 7,551,468 | | | $ | 7,143,434 | | | $ | - | | | $ | 14,694,902 | | | $ | (7,268,038 | ) | | $ | - | | | $ | 7,426,864 | |
| | |
As of December 31, 2024 |
| | |
Amortization Period | |
Costs as of
January 1, 2024 | | |
Additions | | |
Disposals | | |
Ending
Costs | | |
Accumulated
Amortization | | |
Accumulated
Impairment | | |
Net Book
Value | |
| Patents | |
5-15 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 | ) | |
| - | |
| Other intellectual assets | |
5 years | |
| 969,278 | | |
| - | | |
| - | | |
| 969,278 | | |
| (969,278 | ) | |
| - | | |
| - | |
| Intangible assets, net | |
| |
$ | 13,317,199 | | |
$ | 219,241 | | |
$ | - | | |
$ | 13,536,440 | | |
$ | (11,289,469 | ) | |
$ | (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 December
31, 2025 | |
| |
| 2026 | |
$ | 742,464 | |
| 2027 | |
| 742,464 | |
| 2028 | |
| 744,281 | |
| 2029 | |
| 742,464 | |
| 2030 | |
| 742,464 | |
| Thereafter | |
| 3,712,727 | |
| | |
$ | 7,426,864 | |
|