| GOODWILL AND INTANGIBLE ASSETS, NET |
NOTE 7: GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 were as follows: | | | | | | | | | | | | Owned | | | | | | | Service Network | | Transportation | | Amount | Balance as of January 1, 2023 | | $ | 2,403,722 | | $ | — | | $ | 2,403,722 | Impairment | | | (157,103) | | | — | | | (157,103) | Balance as at December 31, 2023 | | | 2,246,619 | | | — | | | 2,246,619 | Acquisitions | | | 259,347 | | | 790,451 | | | 1,049,798 | Impairment | | | (1,568,309) | | | — | | | (1,568,309) | Balance as at December 31, 2024 | | $ | 938,154 | | $ | 790,451 | | $ | 1,728,108 |
Intangible assets, net Identifiable intangible assets consist of the following at December 31, 2024: | | | | | | | | | | | | | | | Weighted Average Remaining Amortization Period (years) | | Gross Amount | | Accumulated Amortization | | Net Amount | Customer relationships | | | 11.5 | | $ | 777,180 | | $ | (373,653) | | $ | 403,527 | Tradename | | | 6.1 | | | 386,080 | | | (102,722) | | | 283,358 | Noncompetition agreements | | | 2.1 | | | 34,000 | | | (19,570) | | | 14,430 | Intellectual property | | | 9.5 | | | 35,186 | | | (22,947) | | | 12,239 | Acquired technology | | | 4.6 | | | 440,530 | | | (35,360) | | | 405,170 | Internally developed software | | | 3.3 | | | 609,385 | | | (319,933) | | | 289,452 | Total intangible assets, net | | | | | $ | 2,282,361 | | $ | (874,185) | | $ | 1,408,176 |
Identifiable intangible assets consist of the following at December 31, 2023: | | | | | | | | | | | | | | | | | Gross Amount | | Accumulated Amortization | | Net Amount | Customer relationships | | | | | $ | 1,445,000 | | $ | (582,256) | | $ | 862,744 | Tradename | | | | | | 923,000 | | | (216,501) | | | 706,499 | Noncompetition agreements | | | | | | 126,000 | | | (82,037) | | | 43,963 | Intellectual property | | | | | | 35,186 | | | (20,073) | | | 15,113 | Internally developed software | | | | | | 439,617 | | | (227,061) | | | 212,556 | Total intangible assets, net | | | | | $ | 2,968,803 | | $ | (1,127,928) | | $ | 1,840,875 |
Intangible assets are amortized over their estimated useful lives of 3 to 15 years using the straight-line method. Amortization expense was $480,012 and $517,175 for the years ended December 31, 2024 and 2023, respectively. Amortization expense over the next five years and thereafter is as follows: | | | | Year ending December 31, | | Amount | 2025 | | $ | 281,829 | 2026 | | | 254,653 | 2027 | | | 207,443 | 2028 | | | 194,778 | 2029 | | | 139,001 | Thereafter | | | 162,075 | Total | | $ | 1,239,779 |
The above does not include $168,397 of capitalized costs for internally developed software that are still in the development stage and not subject to amortization. As of December 31, 2024, the weighted average remaining amortization period of intangible assets is approximately 7.3 years. The Company recorded a goodwill and intangible impairment of $2,403,628 and $181,853 during the twelve months ending December 31, 2024, and December 31, 2023
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