Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets NOTE 5 –GOODWILL AND INTANGIBLE ASSETS

The Company reassesses the value of our reporting units and related goodwill balances annually on October 1 and at other times if events have occurred or circumstances exist that indicate the carrying amount of goodwill may not be recoverable.

The Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows:

March 31, 2026

Estimated Useful Life

Gross Carrying Amount

Accumulated Amortization

Impairment loss

Net

Tradenames & trademarks

8 years

$

17,900,000

$

(8,476,042)

$

—

$

9,423,958

Developed technology

4 years

2,400,000

(1,650,000)

(750,000)

—

$

20,300,000

$

(10,126,042)

$

(750,000)

$

9,423,958

December 31, 2025

Estimated Useful Life

Gross Carrying Amount

Accumulated Amortization

Impairment loss

Net

Tradenames & trademarks

8 years

$

17,900,000

$

(7,916,667)

$

—

$

9,983,333

Developed technology

4 years

2,400,000

(1,650,000)

(750,000)

—

$

20,300,000

$

(9,566,667)

$

(750,000)

$

9,983,333

Amortization expense on these identifiable intangible assets was $559,375 during each of the three months ended March 31, 2026 and 2025, respectively. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:

Quarter Ending and Year Ending December 31:

Q2 - Q4 2026

$

1,678,125

2027

2,237,500

2028

2,237,500

2029

2,237,500

2030

1,033,333

Total

$

9,423,958