| INTANGIBLE ASSETS |
NOTE 4 – INTANGIBLE ASSETS Intangible assets, net, consist of the following
as of:
| | |
December 31,
2022 | | |
December 31,
2021 | |
| Merchant Portfolios | |
$ | 2,405,000 | | |
$ | 2,405,000 | |
| Less accumulated amortization | |
| (1,793,333 | ) | |
| (1,562,798 | ) |
| Net residual portfolios | |
$ | 611,667 | | |
$ | 842,202 | |
| | |
December 31,
2022 | | |
December 31,
2021 | |
| Trade name | |
$ | 2,500,000 | | |
$ | 2,500,000 | |
| Less accumulated amortization | |
| (2,000,000 | ) | |
| (1,500,000 | ) |
| Net trade name | |
$ | 500,000 | | |
$ | 1,000,000 | |
| | |
December 31,
2022 | | |
December 31,
2021 | |
| Acquired Merchant Portfolio | |
$ | 18,000,000 | | |
$ | 18,000,000 | |
| Less accumulated amortization | |
| (2,476,191 | ) | |
| (190,476 | ) |
| Net trade name | |
$ | 15,523,809 | | |
$ | 17,809,524 | |
| | |
December 31,
2022 | | |
December 31,
2021 | |
| Exclusive agreement to purchase natural gas | |
$ | 4,499,952 | | |
$ | 4,499,952 | |
| Less accumulated amortization | |
| (825,173 | ) | |
| (187,498 | ) |
| Net mineral rights | |
$ | 3,674,779 | | |
$ | 4,312,454 | |
| | |
| | | |
| | |
| Total intangible assets, net | |
$ | 20,310,255 | | |
$ | 23,964,180 | |
Amortization expense for the years ended December
31, 2022 and 2022 was $3,664,488 and $1,241,589, respectively. The Company’s merchant portfolios and tradename
are being amortized over respective useful lives of 7 and 5 years. The Company’s agreement to purchase natural
gas is being amortized over the useful life of 10 years. The following sets forth the estimated amortization
expense related to amortizing intangible assets for the years ended December 31:
| 2023 | |
$ | 3,834,281 | |
| 2024 | |
| 3,320,234 | |
| 2025 | |
| 3,021,424 | |
| 2026 | |
| 3,021,424 | |
| 2027 | |
| 3,021,424 | |
| Thereafter | |
| 4,050,830 | |
| Total | |
$ | 20,269,617 | |
The weighted average remaining useful life of
amortizing intangible assets was 5.20 years at December 31, 2022.
|