Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.24.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill

HEC

SUNation

Total

January 1, 2022

$

—

$

—

$

—

Acquisition

9,829,212

10,716,638

20,545,850

December 31, 2022

$

9,829,212

$

10,716,638

$

20,545,850

December 31, 2023

$

9,829,212

$

10,716,638

$

20,545,850

Gross goodwill

9,829,212

10,716,638

20,545,850

Balance at December 31, 2023

$

9,829,212

$

10,716,638

$

20,545,850
Schedule of Finite-Lived Intangible Assets

December 31, 2023

Estimated Useful Life

Gross Carrying Amount

Accumulated Amortization

Net

Tradenames & trademarks

3-8 years

$

22,187,882

$

(7,729,549)

$

14,458,333

Developed technology

4 years

2,400,000

(1,050,000)

1,350,000

Backlog

1 year

600,000

(600,000)

—

$

25,187,882

$

(9,379,549)

$

15,808,333

December 31, 2022

Estimated Useful Life

Gross Carrying Amount

Accumulated Amortization

Net

Tradenames & trademarks

3-8 years

$

22,187,882

$

(4,141,072)

$

18,046,810

Developed technology

4 years

2,400,000

(450,000)

1,950,000

Backlog

1 year

600,000

(50,000)

550,000

$

25,187,882

$

(4,641,072)

$

20,546,810
Schedule of Estimated Future Amortization Expense

Year Ending December 31:

2024

$

2,837,500

2025

2,837,500

2026

2,387,500

2027

2,237,500

2028

2,237,500

Thereafter

3,270,833

Total

$

15,808,333