Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill

v3.24.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

On December 31, 2023 and 2022, intangible assets and goodwill, which were acquired from Patriot Glass in 2021, consisted of the following:

 

    Useful life     December 31,
2023		     December 31,
2022		  
Customer relations     5 years     $ 212,516     $ 212,516  
Non-compete     5 years       40,000       40,000  
Trade name    
-
       100,000       100,000  
              352,516       352,516  
Less: accumulated amortization             (123,102 )     (72,598 )
Intangible assets, net           $ 229,414     $ 279,918  

 

    Useful life     December 31,
2023		     December 31,
2022		  
Goodwill    
-
     $ 350,491     $ 350,491  

 

For the years ended December 31, 2023 and 2022, amortization expense of amortizable intangible assets amounted to $50,504 and $50,503, respectively. On December 31, 2023, accumulated amortization amounted to $103,601 and $19,500 for the customer relations and non-compete, respectively. On December 31, 2022, accumulated amortization amounted to $61,098 and $11,500 for the customer relations and non-compete, respectively.

 

Amortization of intangible assets with identifiable useful lives that is attributable to future periods is as follows:

 

Twelve months ending December 31:   Amount  
2024   $ 50,503  
2025     50,503  
2026     28,408  
Total   $ 129,414