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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.