v3.25.1
Intangible Assets
 6 Months Ended
Jun. 30, 2024
Intangible Assets [Abstract]  
Intangible Assets

Note 6 — Intangible Assets

 

Intangible assets consisted of the following:

 

   Estimated Useful Lives (in Years)   June 30,
2024		   December 31,
2023		 
Goodwill      $3,045,000   $3,045,000 
               
Customer contracts  7-10   $5,805,749   $5,483,263 
Developed technology  15    1,660,000    1,660,000 
Non-compete agreements  3    840,000    840,000 
Patents  5-10    230,000    230,000 
Tradename  10-15    2,010,000    2,010,000 
Total intangible assets       10,545,749    10,223,263 
Less: amortization       (3,550,555)   (3,087,515)
Intangibles, net      $6,995,194   $7,135,748 

 

Amortization for the six months ended June 30, 2024 and 2023 was $564,234 and $270,604, respectively, which is included in depreciation and amortization expense. Amortization of the three months ended June 30, 2024 and 2023 totaled $282,117 and $(84,860), respectively, which is included in depreciation and amortization expense.

 

The future amortization is as follows:

 

Years Ending December 31:

    
2024 (remainder of year)  $564,233 
2025   1,015,571 
2026   858,466 
2027   858,466 
2028   724,350 
Thereafter   2,974,108 
Total  $6,995,194