Intangible Assets

3 Months Ended

Mar. 31, 2026

Finite-Lived Intangible Assets, Net [Abstract]

Note 6: Intangible Assets and Goodwill

Intangible assets consisted of the following:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	$	183,542,723	$	(12,725,555)	$	170,817,168	$	35,000,000	$	(10,117,777)	$	24,882,223
Trade Name	26,725,697		(11,566,796)		15,158,901		12,400,000		(10,680,000)		1,720,000
Trademarks	2,204,500		(41,825)		2,162,675		—		—		—
Software	7,515,392		(3,937,317)		3,578,075		—		—		—
Website	139,138		(22,212)		116,926		—		—		—
Total intangible assets	$	220,127,450	$	(28,293,705)	$	191,833,745	$	47,400,000	$	(20,797,777)	$	26,602,223

Total amortization expense of $4,212,164 and $1,198,333 was recorded during the three months ended March 31, 2026 and 2025, respectively. The Company continuously monitors for events and circumstances that could indicate that it is more likely than not that its finite lived intangible assets and other long-lived assets are impaired or not recoverable (a triggering event), requiring an interim impairment test. During the three months ended March 31, 2026, the Company considered a number of factors including, but not limited to, current macroeconomic conditions such as inflation, economic growth, and interest rate movements, industry and market considerations, and overall financial performance of the Company. Based on the analysis of relevant events and circumstances, the Company concluded a triggering event had not occurred as of March 31, 2026.

A summary of the activities related to the Company’s goodwill consists of the following:


	Goodwill
Net book value at December 31, 2025	$	—
Additions	469,071,654

Currency translation effects	(20,325,875)
Net book value at March 31, 2026	$	448,745,779