v3.25.4
AMORTIZATION OF INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
AMORTIZATION OF INTANGIBLE ASSETS

NOTE 7 – AMORTIZATION OF INTANGIBLE ASSETS

 

All of the Company’s current identified intangible assets were assumed upon consummation of the Empire acquisition on October 1, 2021. Identified intangible assets consisted of the following at the dates indicated below:

 

   June 30, 2025   Remaining
   Gross carrying   Accumulated   Carrying   estimated
   amount   amortization   value   useful life
Intellectual Property  $3,036,000   $(2,277,000)  $759,000   1.5 years
Customer List   2,239,000    (839,625)   1,399,375   6.5 years
Licenses   21,274,000    (7,977,750)   13,296,250   6.5 years
Total intangible assets, net  $26,549,000   $(11,094,375)  $15,454,625    

 

   December 31, 2024   Remaining
   Gross carrying   Accumulated   Carrying   estimated
   amount   amortization   value   useful life
Intellectual Property  $3,036,000   $(1,973,400)  $1,062,600   2 years
Customer List   2,239,000    (727,675)   1,511,325   7 years
Licenses   21,274,000    (6,914,050)   14,359,950   7 years
Total intangible assets, net  $26,549,000   $(9,615,125)  $16,933,875    

 

 

There were no intangible assets acquired during the three or six months ended June 30, 2025 and 2024.

 

Amortization expense for intangible assets was $739,625 and $739,625 for the three months ended June 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $1,479,250 and $1,479,250 for the six months ended June 30, 2025 and 2024, respectively.

 

Total estimated amortization expense for our intangible assets for the years 2025 through 2028 is as follows:

 

Year ended December 31,    
2025 (remaining)  $1,479,250 
2026   2,806,700 
2027   2,351,300 
2028   2,351,300 
Thereafter   6,466,075