v3.26.3
AMORTIZATION OF INTANGIBLE ASSETS
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [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, 2026   Remaining
   Gross carrying   Accumulated   Carrying  

estimated

   amount   amortization   value   useful life
Intellectual Property  $          3,036,000   $(2,884,200)  $151,800   0.50 years
Customer List   2,239,000    (1,063,525)   1,175,475   5.50 years
Licenses   21,274,000    (10,105,150)   11,168,850   5.50 years
Total intangible assets, net  $26,549,000   $(14,052,875)  $12,496,125    

 

   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 years
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    

 

There were no intangible assets acquired during the six months ended June 30, 2026 and 2025.

 

Amortization expense for intangible assets was $739,625 and $739,625 for the three months ended June 30, 2026 and 2025, respectively. Amortization expense for intangible assets was $1,479,250 and $1,479,250 for the six months ended June 30, 2026 and 2025, respectively.

 

Total estimated amortization expense for our intangible assets for the years 2026 through 2030 is as follows:

 

Year ended December 31,    
2026 (remaining)  $1,327,450 
2027   2,351,300 
2028   2,351,300 
2029   2,351,300 
2030   2,351,300 
Thereafter   1,763,475 

 

 

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:

 

 

   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:

 

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