Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.24.3
Intangible Assets and Goodwill
 9 Months Ended
Sep. 30, 2024
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

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

 

    Useful life   September 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         (160,979 )     (123,102 )
Intangible assets, net       $ 191,537     $ 229,414  

 

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

 

For the nine months ended September 30, 2024 and 2023, amortization expense of amortizable intangible assets amounted to $37,877 and $37,878, respectively. On September 30, 2024, accumulated amortization amounted to $135,479 and $25,500 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 September 30:   Amount  
2025   $ 50,503  
2026     41,034  
Total   $ 91,537