v3.25.2
INTANGIBLE ASSETS
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
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:

 

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:

 

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