Schedule of Intangible Assets and Goodwill |
Goodwill and intangible assets as of September 30, 2024 and December 31, 2023 were comprised of the following: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Estimated Useful Life | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Brand name | 25 years | | $ | 952,000 | | | $ | (180,034) | | | $ | 771,966 | | Product formulations | 15 years | | 136,500 | | | (42,906) | | | 93,594 | | Customer relationships | 20 years | | 53,000 | | | (12,530) | | | 40,470 | | Software | 3-15 years | | 9,054 | | | (3,607) | | | 5,447 | | Total finite-lived intangibles | | | 1,150,554 | | | (239,077) | | | 911,477 | | Goodwill | Indefinite | | 168,300 | | | — | | | 168,300 | | Total goodwill and other intangibles | | | $ | 1,318,854 | | | $ | (239,077) | | | $ | 1,079,777 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Estimated Useful Life | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Brand name | 25 years | | $ | 952,000 | | | $ | (151,475) | | | $ | 800,525 | | Product formulations | 15 years | | 136,500 | | | (36,082) | | | 100,418 | | Customer relationships | 20 years | | 53,000 | | | (10,541) | | | 42,459 | | Software | 3 years | | 5,660 | | | (1,348) | | | 4,312 | | Total finite-lived intangibles | | | 1,147,160 | | | (199,446) | | | 947,714 | | Goodwill | Indefinite | | 168,300 | | | — | | | 168,300 | | Total goodwill and other intangibles | | | $ | 1,315,460 | | | $ | (199,446) | | | $ | 1,116,014 | | | | | | | | | |
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Schedule of Finite-Lived Intangible Assets Amortization Expense |
Amortization of the Company’s definite-lived intangible assets for the three and nine months ended September 30, 2024 and 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Amortization of patented formulations | $ | 2,565 | | | $ | 2,592 | | | $ | 7,054 | | | $ | 6,298 | | | | | | | | | | Amortization expense, brand name and customer relationships | $ | 10,183 | | | $ | 10,179 | | | $ | 30,548 | | | $ | 30,547 | | Amortization expense, software | 599 | | | 199 | | | 2,259 | | | 478 | Amortization of other intangible assets | $ | 10,782 | | | $ | 10,378 | | | $ | 32,807 | | | $ | 31,025 | | | | | | | | | | Amortization of patented formulations capitalized to inventory | $ | (291) | | | $ | (315) | | | $ | (230) | | | $ | 513 | |
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