Note 6 - Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Intangible Asset and Goodwill [Text Block]

NOTE 6 INTANGIBLE ASSETS AND GOODWILL

The Company’s intangible assets at June 30, 2026 and December 31, 2025 include the following:

		*Estimated*
		*Economic Life*
Description		*(in years)*			*June 30, 2026*				*December 31, 2025*

Developed technologies		10			$	13,669,402			$	29,780,018
License agreements		10				499,952				499,952
Distribution agreements		8				—				19,733
Accumulated amortization						(4,521,778	)			(5,356,315	)
Intangible assets, net					$	9,647,576			$	24,943,388

Accumulated amortization as of June 30, 2026 and December 31, 2025 consisted of the following:

		*June 30, 2026*				*December 31, 2025*
Developed technologies		$	4,271,549			$	5,116,765
License agreements			250,229				226,063
Distribution agreements			—				13,487
Accumulated amortization		$	4,521,778			$	5,356,315

For the three-months ended June 30, 2026 and 2025, amortization expense related to intangible assets was $667,376 and $393,775, respectively. For the six-months ended June 30, 2026 and 2025, amortization expense related to intangible assets was $1,647,770 and $611,753, respectively.

Future minimum amortization expense is as follows at June 30, 2026:

Remainder of 2026		$	708,709
2027			1,417,418
2028			1,417,418
2029			1,417,418
2030			1,417,418
Thereafter			3,269,195
		$	9,647,576

Changes in the intangible assets and goodwill balances for the six-months ended June 30, 2026 and 2025, are presented below:

		*As of December 31, 2025*				*Additions*				*Impairment*				*Amortization*				*As of June 30, 2026*
Intangible assets		$	30,299,703			$	—			$	(16,130,349	)		$	—			$	14,169,354
Accumulated amortization			(5,356,315	)			—				2,482,307				(1,647,770	)			(4,521,778	)
Goodwill			1,507,154				—				—				—				1,507,154
Total intangible assets and goodwill		$	26,450,542			$	—			$	(13,648,042	)		$	(1,647,770	)		$	11,154,730

		*As of December 31, 2024*				*Additions*				*Impairment*				*Amortization*				*As of June 30, 2025*
Intangible assets		$	8,706,972			$	20,915,617			$	—			$	—			$	29,622,589
Accumulated amortization			(2,847,820	)			—				—				(611,753	)			(3,459,573	)
Total intangible assets		$	5,859,152			$	20,915,617			$	—			$	(611,753	)		$	26,163,016

All intangible assets and goodwill are associated with our Bioleum (Fuels Segment).

During the second quarter of 2026, the Company concluded that its plans for advanced lignocellulosic biomass and other decarbonizing solutions no longer considered the use of the Flux Photon and Fenix developed technologies relevant or effective, acquired in 2021 and 2025. As a result, the Company determined that the carrying amount of the related developed technology intangible assets was not recoverable and recorded an impairment loss of $13,648,042, representing the full net carrying value of those assets, in its Bioleum (Fuels Segment). The impairment is presented as loss on intangible asset impairment in the condensed consolidated statements of operations.