v3.26.1
INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 – INTANGIBLE ASSETS AND GOODWILL

 

Goodwill

 

The following table presents the goodwill balance and accumulated impairment losses as of March 31, 2026 and December 31, 2025:

  

Balance at March 31, 2026 and December 31, 2025    
Gross goodwill  $71,525,609 
Accumulated impairment losses   (51,625,059)
Goodwill, net of accumulated impairment losses  $19,900,550 

 

Intangible Assets

 

Intangible assets, net are summarized as follows:

   

   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
   March 31, 2026 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
Tradenames – trademarks  $3,835,981   $(3,559,816)  $276,165 
Customer base   572,048    (407,144)   164,904 
Non-compete agreements   487,400    (487,400)   - 
Intellectual property/technology   2,455,879    (2,202,743)   253,136 
Total intangible assets   $7,351,308   $(6,657,103)  $694,205 

 

   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
   December 31, 2025 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
Tradenames – trademarks  $3,835,981   $(3,472,606)  $363,375 
Customer base   572,048    (390,193)   181,855 
Non-compete agreements   487,400    (487,400)   - 
Intellectual property/technology   2,455,879    (2,120,034)   335,845 
Total intangible assets   $7,351,308   $(6,470,233)  $881,075 

 

The weighted average remaining useful life of identifiable amortizable intangible assets is 1.51 years as of March 31, 2026.

 

Amortization of identifiable intangible assets for the three months ended March 31, 2026 and 2025 was $186,870 and $233,170, respectively.

 

Based on the balance of intangible assets at March 31, 2026, expected future amortization expense is as follows:

  

      
2026 (remainder of)  $522,595 
2027   73,210 
2028   49,200 
2029   49,200 
Total  $694,205