Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 14 – INTANGIBLE ASSETS

 

Intangible assets, net consists of the following:

 

    June 30, 2024  
    Gross     Accumulated        
    Carrying Amount     Amortization     Net  
Trade names and trademarks     27,121,520       2,901,694       24,219,826  
Customer relationships     6,915,000       1,158,847       5,756,153  
Domain names     25,750       11,587       14,163  
Intangible Assets   $ 34,062,270     $ 4,072,128     $ 29,990,142  

 

    December 31, 2023  
    Gross     Accumulated        
    Carrying Amount     Amortization     Net  
Trade names and trademarks     26,937,670       1,885,389       25,052,281  
Customer relationships     7,049,000       753,914       6,295,086  
Domain names     25,750       10,729       15,021  
Intangible Assets   $ 34,012,420     $ 2,650,032     $ 31,362,388  

 

For the six months ended June 30, 2024 and 2023, the Company incurred $1,422,096 and $1,321,247 of amortization expense, respectively.

 

As of June 30, 2024, future expected amortization expense of intangible assets was as follows:

 

Fiscal period:   June 30, 2024  
Remainder of 2024   $ 1,419,138  
2025     2,824,750  
2026     2,824,750  
2027     2,824,750  
2028     2,821,416  
Thereafter     17,275,338  
Total amortization remaining   $ 29,990,142