| Schedule of Changes in the Carrying Amount of Goodwill |
Changes in the carrying amount of goodwill are
as follows:
| | |
2024 | | |
2023 | |
| Balance, January 1 | |
$ | 5,702,612 | | |
$ | - | |
| Additions | |
| 3,097,157 | | |
| 5,702,612 | |
| Impairment | |
| (787,438 | ) | |
| - | |
| Goodwill as of 12/31/2024 | |
$ | 8,012,331 | | |
$ | 5,702,612 | |
|
| Schedule of Purchased Intangible Assets |
The components of purchased intangible assets
were as follows:
| | | Weighted | | | | | | | | | | | | | | Average | | | | | | | | | | | | | | Remaining | | | December 31, 2024 | | | | | Amortization | | | Gross | | | | | | | | | | | Period
(in years) | | | Carrying Amount | | | Accumulated
Amortization | | | Net
Amount | | | Franchise agreement | | 9 | | | | 5,249,482 | | | | 467,138 | | | | 4,782,344 | | | Agent relationships | | 8 | | | | 916,282 | | | | 93,431 | | | | 822,851 | | | Real estate listings | | 0.3 | | | | 564,756 | | | | 472,543 | | | | 92,213 | | | Non-compete agreements | | 3 | | | | 188,748 | | | | 46,076 | | | | 142,672 | | | Total | | 9 | | | $ | 6,919,268 | | | $ | 1,079,188 | | | $ | 5,840,080 | | | | | Weighted | | | | | | | | | | | | | Average | | | | | | | | | | | | | Remaining | | December 31, 2023 | | | | | Amortization | | Gross | | | | | | | | | | | Period
(in years) | | Carrying Amount | | | Accumulated
Amortization | | | Net
Amount | | | Franchise agreement | | 11 | | | 3,743,081 | | | | 32,334 | | | | 3,710,747 | | | Agent relationships | | 8 | | | 522,780 | | | | 8,692 | | | | 514,088 | | | Real estate listings | | 1 | | | 298,798 | | | | 28,366 | | | | 270,432 | | | Non-compete agreements | | 4 | | | 140,924 | | | | 3,742 | | | | 137,182 | | | Total | | 10 | | $ | 4,705,583 | | | $ | 73,134 | | | $ | 4,632,449 | |
|
| Schedule of Remaining Estimated Annual Amortization Expense |
The Company recorded $1,006,052 and $73,134 of
amortization of the intangible assets during the years ended December 31, 2024 and December 31, 2023, respectively. Based on the intangible
assets recorded at December 31, 2024, and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated
annual amortization expense is expected to be as follows:
| | |
Amortization | |
| 2025 | |
$ | 749,941 | |
| 2026 | |
| 657,711 | |
| 2027 | |
| 654,098 | |
| 2028 | |
| 611,917 | |
| 2029 | |
| 609,696 | |
| Thereafter | |
| 2,556,717 | |
| Total | |
$ | 5,840,080 | |
|