WaveDancer, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 8 - Intangible Assets

Note 8 - Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Text Block]

Note 8. Intangible Assets

The following table summarizes our intangible assets as of December 31, 2023 and 2022 and the changes during 2023:

	Weighted Average Useful Life (Years)		Balance December 31, 2022			Additions			Balance December 31, 2023
Intangible assets with estimated useful lives
Customer relationships		8.0	$	1,090,000		$	-		$	1,090,000
Non-compete agreements		3.0		120,000			-			120,000
Accumulated amortization				(308,217	)		(176,244	)		(484,461	)
Sub-total				901,783			(176,244	)		725,539
Intangible assets with indefinite lives
Trade names	Indefinite			280,000			-			280,000
Net identifiable intangible assets			$	1,181,783		$	(176,244	)	$	1,005,539

As of December 31, 2023, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter is as follows:

2024	$	146,307
2025		136,248
2026		136,248
2027		136,248
2028		136,248
Thereafter		34,240
Total	$	725,539