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