| 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:
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June 30, 2024 |
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Estimated Useful Life |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net |
Tradenames & trademarks |
3-8 years |
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$ |
22,187,882 |
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$ |
(8,848,299) |
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$ |
13,339,583 |
Developed technology |
4 years |
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2,400,000 |
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(1,350,000) |
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1,050,000 |
Backlog |
1 year |
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600,000 |
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(600,000) |
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— |
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$ |
25,187,882 |
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$ |
(10,798,299) |
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$ |
14,389,583 |
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December 31, 2023 |
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Estimated Useful Life |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net |
Tradenames & trademarks |
3-8 years |
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$ |
22,187,882 |
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$ |
(7,729,549) |
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$ |
14,458,333 |
Developed technology |
4 years |
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2,400,000 |
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(1,050,000) |
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1,350,000 |
Backlog |
1 year |
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600,000 |
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(600,000) |
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— |
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$ |
25,187,882 |
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$ |
(9,379,549) |
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$ |
15,808,333 |
Amortization expense on these identifiable intangible assets was $709,375 and $1,216,699 during the three months ended June 30, 2024 and 2023, respectively and $1,418,750 and $2,483,397 during the six months ended June 30, 2024 and 2023, respectively. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:
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Year Ending December 31: |
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Q3 - Q4 2024 |
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$ |
1,418,750 |
2025 |
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2,837,500 |
2026 |
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2,387,500 |
2027 |
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2,237,500 |
2028 |
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2,237,500 |
Thereafter |
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3,270,833 |
Total |
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$ |
14,389,583 |
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