| INTANGIBLE ASSETS |
NOTE
14 – INTANGIBLE ASSETS
Intangible
assets, net consists of the following:
SCHEDULE
OF INTANGIBLE ASSETS AND GOODWILL
| |
|
March 31, 2026 |
|
| |
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization |
|
|
Net |
|
| Trade names |
|
|
15,264,404 |
|
|
|
6,168,620 |
|
|
|
9,095,784 |
|
| Customer relationships |
|
|
4,871,000 |
|
|
|
2,450,969 |
|
|
|
2,420,031 |
|
| ERP system |
|
|
446,290 |
|
|
|
66,031 |
|
|
|
380,259 |
|
| Intangible Assets |
|
$ |
20,581,694 |
|
|
$ |
8,685,620 |
|
|
$ |
11,896,074 |
|
| |
|
December 31, 2025 |
|
| |
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization |
|
|
Net |
|
| Trade names |
|
$ |
15,264,404 |
|
|
$ |
5,913,944 |
|
|
$ |
9,350,460 |
|
| Customer relationships |
|
|
4,871,000 |
|
|
|
2,373,646 |
|
|
|
2,497,354 |
|
| ERP System |
|
|
291,440 |
|
|
|
43,716 |
|
|
|
247,724 |
|
| Intangible Assets |
|
$ |
20,426,844 |
|
|
$ |
8,331,306 |
|
|
$ |
12,095,538 |
|
Amortization
expense for the three months ended March 31, 2026 and 2025 was $354,314 and $704,508, respectively.
As
of March 31, 2026, the remaining amortization schedule below reflects only finite-lived intangible assets. Indefinite-lived intangible assets,
which are not subject to amortization under ASC 350, are presented as a reconciling item to reconcile to the total intangible assets,
net.
SCHEDULE
OF AMORTIZATION EXPENSES OF INTANGIBLE ASSETS
| Fiscal
period: |
|
March
31, 2026 |
|
| Remainder
of 2026 |
|
$ |
1,062,943 |
|
| 2027 |
|
|
1,417,257 |
|
| 2028 |
|
|
1,417,257 |
|
| 2029 |
|
|
1,417,257 |
|
| 2030 |
|
|
1,216,922 |
|
| Thereafter |
|
|
4,859,034 |
|
| Total remaining amortization (finite-lived) |
|
|
11,390,670 |
|
Indefinite-lived intangible assets (non-amortizing) |
|
|
505,404 |
|
| Total
intangible assets, net |
|
$ |
11,896,074 |
|
|