Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

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Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2024
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

On June 30, 2024 and December 31, 2023, intangible assets and goodwill, which were acquired from Patriot Glass in 2021, consisted of the following:

 

    Useful life   June 30,
2024		     December 31,
2023		  
Customer relations   5 years   $ 212,516     $ 212,516  
Non-compete   5 years     40,000       40,000  
Trade name (non-amortizable)  
-
     100,000       100,000  
          352,516       352,516  
Less: accumulated amortization         (148,353 )     (123,102 )
Intangible assets, net       $ 204,163     $ 229,414  

 

    Useful life   June 30,
2024		     December 31,
2023		  
Goodwill   -   $ 350,491     $ 350,491  

 

For the six months ended June 30, 2024 and 2023, amortization expense of amortizable intangible assets amounted to $25,251 and $25,252, respectively. On June 30, 2024, accumulated amortization amounted to $124,853 and $23,500 for the customer relations and non-compete, respectively. On December 31, 2023, accumulated amortization amounted to $103,602 and $19,500 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 June 30:   Amount  
2025   $ 50,503  
2026     50,503  
2027     3,157  
Total   $ 104,163