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Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets [Abstract]  
Schedule of Activity in Goodwill The following is a summary of activity in goodwill for the three and nine months ended September 30, 2024 and 2023:
   September 30,
2024
 
Balance at December 31, 2023  $4,797,078 
Foreign exchange transactions   16,156 
Balance at March 31, 2024   4,813,234 
Foreign exchange transaction   (20,085)
Balance at June 30, 2024   4,793,149 
Foreign exchange transaction   283,642 
Balance at September 30, 2024  $5,076,791 
   September 30,
2023
 
Balance at December 31, 2022  $4,576,572 
Foreign exchange transaction   (18,790)
Balance at March 31, 2023   4,557,782 
Foreign exchange transaction   235,329 
Balance at June 30, 2023   4,811,901 
Foreign exchange transaction   68,492 
Balance at September 30, 2023  $4,626,274 
Schedule of Intangible Assets Intangible assets consist of the following:
   As of September 30, 2024 
   Amortization Period   Costs as of
January 1, 2024
   Additions   Disposals   Ending
Costs
   Accumulated
Amortization
   Accumulated
Impairment
   Net Book
Value
 
Patents   5-15 years   $7,332,227   $174,258   $
       -
   $7,506,485   $(6,748,788)  $
-
   $757,697 
IPR&D   5 years    5,015,694    
-
    
-
    5,015,694    (3,554,784)   (1,460,910)   
-
 
Other intellectual assts   5 years    969,278    
-
    
-
    969,278    (969,278)   
-
    
-
 
Intangible assets, net       $13,317,199   $174,258   $
-
   $13,491,457   $(11,272,850)  $(1,460,910)  $757,697 

 

   As of December 31, 2023
   Amortization  Costs as of
January 1,
           Ending   Accumulated   Accumulated   Net Book 
   Period  2023   Additions   Disposals   Costs   Amortization   Impairment   Value 
Patents  5-15 years  $7,220,776   $111,451   $
       -
   $7,332,227   $(6,703,750)  $
-
   $628,477 
IPR&D  5 years   5,015,694    
-
    
-
    5,015,694    (3,554,784)   (1,460,910)   
-
 
Other intellectual assts  5 years   969,278    
-
    
-
    969,278    (969,278)   
-
    
-
 
Intangible assets, net     $13,205,748   $111,451   $
-
   $13,317,199   $(11,227,812)  $(1,460,910)  $628,477 
Schedule of Future Estimated Amortization Expense Future estimated amortization expense for the Company’s intangible assets is approximately as follows:
Future estimated amortization as of September 30, 2024    
Remainder of 2024  $13,447 
2025   55,444 
2026   55,444 
2027   55,444 
2028   55,444 
Thereafter   522,474 
   $757,697