Inuvo, Inc. Goodwill & Intangibles Disclosure
Note 5 – Intangible Assets and Goodwill
The following is a schedule of intangible assets and goodwill as of December 31, 2025:
|
| Term |
|
| Carrying Value |
|
| Accumulated Amortization and Impairment |
|
| Net Carrying Value |
|
| 2025 Amortization |
| |||||
Customer list, Google |
| 20 years |
|
| $ | 8,820,000 |
|
| $ | (6,100,500 | ) |
| $ | 2,719,500 |
|
| $ | 441,000 |
| |
Customer relationships |
| 20 years |
|
|
| 570,000 |
|
|
| (254,125 | ) |
|
| 315,875 |
|
|
| 28,500 |
| |
Trade names, web properties |
|
| - |
|
|
| 390,000 |
|
|
| — |
|
|
| 390,000 |
|
|
| — |
|
Intangible assets classified as long-term |
|
|
|
|
| $ | 9,780,000 |
|
| $ | (6,354,625 | ) |
| $ | 3,425,375 |
|
| $ | 469,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill, total |
|
|
|
|
| $ | 9,853,342 |
|
| $ | — |
|
| $ | 9,853,342 |
|
| $ | — |
|
The following is a schedule of intangible assets and goodwill as of December 31, 2024:
|
| Term |
|
| Carrying Value |
|
| Accumulated Amortization |
|
| Net Carrying Value |
|
| 2024 Amortization |
| |||||
Customer list, Google |
| 20 years |
|
| $ | 8,820,000 |
|
| $ | (5,659,500 | ) |
| $ | 3,160,500 |
|
| $ | 441,000 |
| |
Customer list |
| 5 years |
|
|
| 1,931,250 |
|
|
| (1,931,250 | ) |
|
| — |
|
|
| 225,312 |
| |
Brand name |
| 5 years |
|
|
| 643,750 |
|
|
| (643,750 | ) |
|
| — |
|
|
| 75,104 |
| |
Customer relationships |
| 20 years |
|
|
| 570,000 |
|
|
| (225,625 | ) |
|
| 344,375 |
|
|
| 28,500 |
| |
Trade names, web properties (1) |
|
| - |
|
|
| 390,000 |
|
|
| — |
|
|
| 390,000 |
|
|
| — |
|
Intangible assets classified as long-term |
|
|
|
|
| $ | 12,355,000 |
|
| $ | (8,460,125 | ) |
| $ | 3,894,875 |
|
| $ | 769,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill, total |
|
|
|
|
| $ | 9,853,342 |
|
| $ | — |
|
| $ | 9,853,342 |
|
| $ | — |
|
___________
| (1) | The trade names related to our web properties have an indefinite life, and as such are not amortized. |
Our amortization expense over the next five years and thereafter is as follows:
2026 |
| $ | 469,500 |
|
2027 |
|
| 469,500 |
|
2028 |
|
| 469,500 |
|
2029 |
|
| 469,500 |
|
2030 |
|
| 469,500 |
|
Thereafter |
|
| 687,875 |
|
Total |
| $ | 3,035,375 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 17, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | May 12, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Feb 8, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 12, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.