| Intangible Assets |
NOTE 5 –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, 2025 |
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Estimated Useful Life |
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Gross Carrying Amount |
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Accumulated Amortization |
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Impairment loss |
Net |
Tradenames & trademarks |
8 years |
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$ |
17,900,000 |
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$ |
(6,797,917) |
$ |
— |
$ |
11,102,083 |
Developed technology |
4 years |
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2,400,000 |
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(1,650,000) |
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(750,000) |
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— |
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$ |
20,300,000 |
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$ |
(8,447,917) |
$ |
(750,000) |
$ |
11,102,083 |
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December 31, 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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Impairment loss |
Net |
Tradenames & trademarks |
8 years |
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$ |
17,900,000 |
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$ |
(5,679,167) |
$ |
— |
$ |
12,220,833 |
Developed technology |
4 years |
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2,400,000 |
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(1,650,000) |
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(750,000) |
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— |
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$ |
20,300,000 |
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$ |
(7,329,167) |
$ |
(750,000) |
$ |
12,220,833 |
Amortization expense on these identifiable intangible assets was $559,375 and $709,375 during the three months ended June 30, 2025 and 2024, respectively and $1,118,750 and $1,418,750 for the six months ended June 30, 2025 and 2024, respectively. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:
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Quarter Ending and Year Ending December 31: |
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Q3 - Q4 2025 |
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$ |
1,118,750 |
2026 |
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2,237,500 |
2027 |
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2,237,500 |
2028 |
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2,237,500 |
2029 |
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2,237,500 |
Thereafter |
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1,033,333 |
Total |
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$ |
11,102,083 |
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