Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2024

Intangible Assets and Goodwill [Abstract]

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

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

	Useful life	March 31, 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			(135,727	)		(123,102	)
Intangible assets, net		$	216,789		$	229,414

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

For the three months ended March 31, 2024 and 2023, amortization expense of amortizable intangible assets amounted to $12,625 and $12,626, respectively. On March 31, 2024, accumulated amortization amounted to $114,227 and $21,500 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 March 31:	Amount
2025	$	50,503
2026		50,503
2027		15,783
Total	$	116,789

C-Bond Systems, Inc 10-Q