GOODWILL AND INTANGIBLES, NET

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES, NET

NOTE 4 – GOODWILL AND INTANGIBLES, NET

The changes in the carrying amount of the Company’s goodwill were as follows:

	Total
Balance as of December 31, 2022	$	3,601,781
Acquisitions		-
Balance as of December 31, 2023		3,601,781
Acquisitions		-
Balance as of March 31, 2024	$	3,601,781

The carrying values of the Company’s intangible assets were as follows for the periods presented:

	March 31, 2024							December 31, 2023
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Amortizable Intangible Assets:
Product Licenses	$	4,793,879	$	(1,439,136	)	$	3,354,743	$	4,793,879	$	(1,342,626	)	$	3,451,253
Patents and Other IP		38,570,549		(3,765,198	)		34,805,351		38,570,549		(3,181,186	)		35,389,363
Customer relationships and other		7,947,332		(2,153,816	)		5,793,516		7,947,332		(1,861,887	)		6,085,445
Total	$	51,311,760	$	(7,358,150	)	$	43,953,610	$	51,311,760	$	(6,385,699	)	$	44,926,061

As of March 31, 2024, the weighted-average amortization period for finite-lived intangible assets was 14.5 years. Amortization expense related to intangible assets was $972,451 and $671,201 for the three months ended March 31, 2024 and 2023, respectively. The estimated remaining amortization expense as of March 31, 2024 for finite-lived intangible assets is as follows:

Remainder of 2024	$	2,917,353
2025		3,889,804
2026		3,872,548
2027		3,758,696
2028		3,725,454
2029		3,725,454
Thereafter		22,064,301
Total	$	43,953,610

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during the three months ended March 31, 2024 or 2023.