| Intangible Assets |
NOTE 6 –INTANGIBLE ASSETS
The Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
Estimated Useful Life |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net |
Tradenames & trademarks |
8 years |
|
$ |
17,900,000 |
|
$ |
(5,119,792) |
|
$ |
12,780,208 |
Developed technology |
4 years |
|
|
2,400,000 |
|
|
(1,500,000) |
|
|
900,000 |
Backlog |
1 year |
|
|
600,000 |
|
|
(600,000) |
|
|
— |
|
|
|
$ |
20,900,000 |
|
$ |
(7,219,792) |
|
$ |
13,680,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
Estimated Useful Life |
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net |
Tradenames & trademarks |
3-8 years |
|
$ |
22,187,882 |
|
$ |
(7,729,549) |
|
$ |
14,458,333 |
Developed technology |
4 years |
|
|
2,400,000 |
|
|
(1,050,000) |
|
|
1,350,000 |
Backlog |
1 year |
|
|
600,000 |
|
|
(600,000) |
|
|
— |
|
|
|
$ |
25,187,882 |
|
$ |
(9,379,549) |
|
$ |
15,808,333 |
Amortization expense on these identifiable intangible assets was $709,375 and $1,216,698 during the three months ended September 30, 2024 and 2023, respectively and $2,128,125 and $3,700,095 during the nine months ended September 30, 2024 and 2023, respectively. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:
|
|
|
|
|
|
|
|
Quarter Ending and Year Ending December 31: |
|
|
|
Q4 2024 |
|
$ |
709,375 |
2025 |
|
|
2,837,500 |
2026 |
|
|
2,387,500 |
2027 |
|
|
2,237,500 |
2028 |
|
|
2,237,500 |
Thereafter |
|
|
3,270,833 |
Total |
|
$ |
13,680,208 |
|