| 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:
SCHEDULE OF INTANGIBLE ASSETS
| | |
December
31, 2025 | | |
Remaining |
| | |
Gross carrying | | |
Accumulated | | |
Carrying | | |
estimated |
| | |
amount | | |
amortization | | |
value | | |
useful
life |
| Intellectual Property | |
$ | 3,036,000 | | |
$ | (2,580,600 | ) | |
$ | 455,400 | | |
1 year |
| Customer List | |
| 2,239,000 | | |
| (951,575 | ) | |
| 1,287,425 | | |
6 years |
| Licenses | |
| 21,274,000 | | |
| (9,041,450 | ) | |
| 12,232,550 | | |
6 years |
| Total intangible assets,
net | |
$ | 26,549,000 | | |
$ | (12,573,625 | ) | |
$ | 13,975,375 | | |
|
| | |
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 years ended December 31, 2025 and 2024.
Amortization
expense for intangible assets was $2,958,500 and $2,958,500 for the years ended December 31, 2025 and 2024, respectively. Total estimated
amortization expense for our intangible assets for the years 2026 through 2029 is as follows:
SCHEDULE OF AMORTIZATION EXPENSES FOR INTANGIBLE ASSETS
| Year
ended December 31, | |
| |
| 2026 | |
$ | 2,806,700 | |
| 2027 | |
| 2,351,300 | |
| 2028 | |
| 2,351,300 | |
| 2029 | |
| 2,351,300 | |
| 2030 | |
| 2,351,300 | |
| Thereafter | |
| 1,763,475 | |
|