| INTANGIBLE ASSETS |
NOTE
15 – INTANGIBLE ASSETS
Intangible
assets, net consists of the following:
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
| |
|
June 30, 2025 |
|
| |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
| Trade names |
|
|
27,218,404 |
|
|
|
4,909,860 |
|
|
|
22,308,544 |
|
| Customer relationships |
|
|
6,915,000 |
|
|
|
1,968,713 |
|
|
|
4,946,287 |
|
| Enterprise Resource Planning System |
|
|
291,440 |
|
|
|
14,572 |
|
|
|
276,868 |
|
| Intangible Assets |
|
$ |
34,424,844 |
|
|
$ |
6,893,145 |
|
|
$ |
27,531,699 |
|
| |
|
December 31, 2024 |
|
| |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
| Trade names |
|
$ |
27,200,404 |
|
|
$ |
3,905,777 |
|
|
$ |
23,294,627 |
|
| Customer relationships |
|
|
6,915,000 |
|
|
|
1,563,780 |
|
|
|
5,351,220 |
|
| Intangible Assets |
|
$ |
34,115,404 |
|
|
$ |
5,469,557 |
|
|
$ |
28,645,847 |
|
Amortization
expense for the six months ended June 30, 2025 and 2024 was $1,423,588 and $1,422,096, respectively.
As
of June 30, 2025, the expected future amortization expense of intangible assets was as follows:
SCHEDULE OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
| Fiscal period: |
|
June 30, 2025 |
|
| Remainder of 2025 |
|
$ |
1,401,162 |
|
| 2026 |
|
|
2,824,750 |
|
| 2027 |
|
|
2,824,750 |
|
| 2028 |
|
|
2,824,750 |
|
| 2029 |
|
|
2,824,750 |
|
| Thereafter |
|
|
14,831,537 |
|
| Total amortization remaining |
|
$ |
27,531,699 |
|
|