Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.23.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill

HEC

SUNation

Total

January 1, 2022

$

—

$

—

$

—

Acquisition

9,829,212

—

9,829,212

September 30, 2022

9,829,212

—

9,829,212

January 1, 2023

$

9,829,212

$

10,716,638

$

20,545,850

Acquisition

—

—

—

September 30, 2023

$

9,829,212

$

10,716,638

$

20,545,850

Gross goodwill

9,829,212

10,716,638

20,545,850

Accumulated impairment loss

—

—

—

Balance at September 30, 2023

$

9,829,212

$

10,716,638

$

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

September 30, 2023

Estimated Useful Life

Gross Carrying Amount

Accumulated Amortization

Net

Tradenames & trademarks

3-8 years

$

22,187,882

$

(6,891,168)

$

15,296,714

Developed technology

4 years

2,400,000

(900,000)

1,500,000

Backlog

1 year

600,000

(550,000)

50,000

$

25,187,882

$

(8,341,168)

$

16,846,714

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:

Q4 2023

$

1,038,381

2024

2,837,500

2025

2,837,500

2026

2,387,500

2027

2,237,500

Thereafter

5,508,333