| INTANGIBLE ASSETS |
NOTE
11. INTANGIBLE ASSETS
Intangible
assets, net consist of the following as of March 31, 2025 and December 31, 2024:
SCHEDULE
OF INTANGIBLE ASSETS, NET
| March
31, 2025 | |
Useful
Lives
(Years) | |
Gross
Carrying
Amount | | |
Accumulated
Amortization | | |
Net
Carrying
Amount | |
| Trade
names | |
8-13
years | |
$ | 4,444,000 | | |
$ | (1,542,509 | ) | |
$ | 2,901,491 | |
| Customer
relationships | |
4-6
years | |
| 2,669,000 | | |
| (1,703,056 | ) | |
| 965,944 | |
| Non-compete | |
4-5
years | |
| 2,322,000 | | |
| (1,044,485 | ) | |
| 1,277,515 | |
| Intangible
assets, net | |
| |
$ | 9,435,000 | | |
$ | (4,290,050 | ) | |
$ | 5,144,950 | |
| December
31, 2024 | |
Useful
Lives (Years)
| |
Gross
Carrying
Amount | | |
Accumulated
Amortization | | |
Net
Carrying
Amount | |
| Trade
names | |
8-13
years | |
$ | 4,444,000 | | |
$ | (1,427,798 | ) | |
$ | 3,016,202 | |
| Customer
relationships | |
4-6
years | |
| 2,669,000 | | |
| (1,628,639 | ) | |
| 1,040,361 | |
| Non-compete | |
4-5
years | |
| 2,322,000 | | |
| (937,085 | ) | |
| 1,384,915 | |
| Intangible
assets, net | |
| |
$ | 9,435,000 | | |
$ | (3,993,522 | ) | |
$ | 5,441,478 | |
Intangible
assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense was approximately $297,000 and
$230,000 for the three months ended March 31, 2025 and 2024, respectively. Future annual estimated amortization expense is as follows:
SCHEDULE
OF FUTURE ANNUAL ESTIMATED AMORTIZATION EXPENSE
| Years ending December 31, | |
|
| 2025 (remaining nine months) | |
$ | 884,085 | |
| 2026 | |
| 1,103,576 | |
| 2027 | |
| 964,771 | |
| 2028 | |
| 655,332 | |
| 2029 | |
| 447,896 | |
| Thereafter | |
| 1,089,290 | |
| Total | |
$ | 5,144,950 | |
|
NOTE
11. INTANGIBLE ASSETS
Intangible
assets, net consist of the following as of December 31, 2024 and 2023:
SCHEDULE
OF INTANGIBLE ASSETS, NET
| December 31, 2024 | |
Useful Lives (Years) | |
Gross Carrying
Amount | | |
Accumulated Amortization | | |
Net Carrying
Amount | |
| Trade names | |
8-13 years | |
$ | 4,444,000 | | |
$ | (1,427,798 | ) | |
$ | 3,016,202 | |
| Customer relationships | |
4-6 years | |
| 2,669,000 | | |
| (1,628,639 | ) | |
| 1,040,361 | |
| Non-compete | |
4-5 years | |
| 2,322,000 | | |
| (937,085 | ) | |
| 1,384,915 | |
| Intangible assets, net | |
| |
$ | 9,435,000 | | |
$ | (3,993,522 | ) | |
$ | 5,441,478 | |
| December 31, 2023 | |
Useful Lives (Years) | |
Gross Carrying
Amount | | |
Accumulated Amortization | | |
Net Carrying
Amount | |
| Trade names | |
8-10 years | |
$ | 2,860,000 | | |
$ | (1,035,443 | ) | |
$ | 1,824,557 | |
| Customer relationships | |
4-6 years | |
| 2,669,000 | | |
| (1,330,972 | ) | |
| 1,338,028 | |
| Non-compete | |
4-5 years | |
| 1,602,000 | | |
| (586,066 | ) | |
| 1,015,934 | |
| Intangible assets, net | |
| |
$ | 7,131,000 | | |
$ | (2,952,481 | ) | |
$ | 4,178,519 | |
Intangible
assets are amortized on a straight-line basis. Amortization expense was approximately $1.0 million and $0.9 million for the years ended
December 31, 2024 and 2023, respectively.
The
weighted-average remaining amortization period of the Company’s amortizable intangible assets is approximately 5 years as of December
31, 2024. The estimated future amortization of the intangible assets is as follows:
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION OF INTANGIBLE ASSETS
| For the years ending December 31, | |
| |
| 2025 | |
$ | 1,180,613 | |
| 2026 | |
| 1,103,576 | |
| 2027 | |
| 964,771 | |
| 2028 | |
| 655,332 | |
| 2029 | |
| 302,221 | |
| Thereafter | |
| 1,234,965 | |
| Total | |
$ | 5,441,478 | |
|