We account for goodwill and other intangible assets under GAAP. Under GAAP, goodwill and intangible assets with indefinite useful lives are not amortized but are instead tested for impairment (i) on at least an annual basis and (ii) when changes in circumstances indicate that the fair value of goodwill may be below its carrying value. These circumstances include but are not limited to (i) a significant adverse change in the business climate, (ii) unanticipated competition or (iii) an adverse action or assessment by a regulator. Determining impairment involves estimating the fair value of a reporting unit using a combination of (i) the income or discounted cash flow approach and (ii) the market approach that utilizes comparable companies’ data. If the carrying amount of a reporting unit exceeds its fair value, the amount of the impairment loss must be measured. The impairment loss is calculated by comparing the implied fair value of the reporting unit’s goodwill to its carrying amount. In calculating the implied fair value of the reporting unit’s goodwill, the fair value of the reporting unit is allocated to all the assets and liabilities of the reporting unit. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied value of goodwill. We recognize impairment loss when the carrying amount of goodwill exceeds its implied fair value. Our goodwill totaled $40,603,029 as of December 31, 2023, and $49,903,029 as of December 31, 2022. The reduction in goodwill in 2023 was the result of the HTC impairment recognized in 2023.

In 2023 and 2022, we engaged an independent valuation firm to aid in the completion of an annual impairment test for existing goodwill acquired. For 2023 and 2022, the testing resulted in no impairment to goodwill for Scott-Rice and SETC and no impairment to goodwill for HTC for 2022 as the determined fair value was sufficient to pass the impairment test. For 2023, the testing resulted in an impairment to goodwill for HTC of $9.3 million as the determined fair value was not sufficient to pass the impairment test.

Our intangible assets subject to amortization consist of acquired customer relationships, regulatory rights and trade names. We amortize intangible assets with finite lives over their respective estimated useful lives. Identifiable intangible assets that are subject to amortization are evaluated for impairment. In addition, we periodically reassess the carrying value, useful lives and classifications of our identifiable intangible assets.

		December 31, 2023				December 31, 2022
	Useful Lives		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	Useful Lives		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Definite-Lived Intangible Assets
Customers Relationships	14-15 yrs	$	42,878,445	$	32,053,361	$	42,878,445	$	30,429,708
Regulatory Rights	15 yrs		4,000,000		4,000,000		4,000,000		4,000,000
Video Franchise			3,000,000		214,290		-		-
Trade Name	3-5 yrs		310,106		310,106		310,106		273,465
Indefinitely-Lived Intangible Assets
Video Franchise			-		-		3,000,000		-
Spectrum			877,814		-		877,814		-
Total		$	51,066,365	$	36,577,757	$	51,066,365	$	34,703,173

Net Identified Intangible Assets				$	14,488,608			$	16,363,192

Amortization expense related to the definite-lived assets was $1,874,584 for 2023 and $1,952,375 for 2022. Amortization expense for the next five years is estimated to be: