Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2026

7. Goodwill and Intangible Assets

The Company has recorded goodwill of $5,811,578 as of June 30, 2026 and December 31, 2025. There were no changes in the carrying amount of goodwill during the three and six months ended June 30, 2026 and 2025.

Intangible assets consists of the following:

JUNE 30, 2026

Gross Carrying

Accumulated

Net Book

Amount

Amortization

Value

(Unaudited)

Customer Relationships

2,392,000

(1,136,200

)

1,255,800

Channel Relationships

2,628,080

(2,131,665

)

496,415

Internally Developed Software

7,866,000

(7,572,900

)

293,100

Trade Name and Trademarks

1,330,472

(564,939

)

765,533

14,216,552

(11,405,704

)

2,810,848

	DECEMBER 31, 2025
	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value

Customer Relationships	$	2,392,000	$	(1,016,600	)	$	1,375,400
Channel Relationships		2,628,080		(2,044,062	)	$	584,018
Internally Developed Software		7,866,000		(7,283,003	)	$	582,997
Trade Name and Trademarks		1,330,472		(520,591	)	$	809,881

	$	14,216,552	$	(10,864,256	)	$	3,352,296

The Company did not capitalize any internally developed software costs for the three and six month periods ended June 30, 2026 and 2025.

There were no disposals of intangible assets during the three and six month periods ended June 30, 2026 and 2025.

The aggregate amortization expense recorded for the three and six month periods ended June 30, 2026 was approximately $262,900 and $541,500, respectively. The aggregate amortization expense recorded for the three and six month periods ended June 30, 2025 was approximately $486,500 and $967,100, respectively.

As of June 30, 2026, estimated annual amortization for intangible assets is approximately:

Remainder of 2026	$	500,379
2027		540,153
2028		510,324
2029		373,452
2030		308,533
Thereafter		578,007
Total	$	2,810,848