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GOODWILL AND OTHER INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Intangible assets consisted of the following at June 30, 2024 and December 31, 2023:

 

   June 30, 2024   December 31, 2023 
   Gross
value		   Accumulated
amortization		   Net
carrying
value		   Gross
value		   Accumulated
amortization		   Net
carrying
value		 
Amortized intangible assets:                              
Licenses (video solutions segment)  $151,652   $21,270   $130,382   $225,545   $89,887   $135,658 
Patents and trademarks (video solutions segment)   483,521    332,462    151,059    483,521    266,403    217,118 
Sponsorship agreement network (entertainment segment)   5,600,000    3,173,333    2,426,667    5,600,000    2,613,333    2,986,667 
SEO content (entertainment segment)   600,000    425,000    175,000    600,000    350,000    250,000 
Personal seat licenses (entertainment
segment)		   117,339    11,081    106,258    180,081    14,004    166,077 
Software   23,653    —    23,653    -    -    - 
Website enhancements (entertainment segment)   25,630    4,014    21,616    13,500    —    13,500 
Client agreements (revenue cycle management segments)   999,034    276,719    722,315    999,034    226,768    772,266 
    8,000,829    4,243,879    3,756,950    8,101,681    3,560,395    4,541,286 
                               
Indefinite life intangible assets:                              
Goodwill (entertainment and revenue cycle management segments)   11,593,473    —    11,593,473    11,367,514    —    11,367,514 
Trade name (entertainment segment)   900,000    —    900,000    600,000    —    600,000 
Patents and trademarks pending
(video solutions segment)		   31,199    —    31,199    1,622    —    1,622 
                               
Total  $20,525,501   $4,243,879   $16,281,622   $20,070,817   $3,560,395   $16,510,422 

 

 

Patents and trademarks pending will be amortized beginning at the time they are issued by the appropriate authorities. If issuance of the final patent or trademark is denied, then the amount deferred will be immediately charged to expense.

 

Amortization expense for the three months ended June 30, 2024 and 2023 was $346,889 and $374,714, respectively and $735,167 and $745,150 for the six months ended June 30, 2024 and 2023, respectively. Estimated amortization for intangible assets with definite lives for the next five years ending December 31 and thereafter is as follows:

 

Year ending December 31:    
2024 (July 1, to December 31, 2024)  $743,141 
2025   1,414,848 
2026   910,310 
2027   116,646 
2028 and thereafter   572,005 
Total  $3,756,950