| INTANGIBLE ASSETS |
NOTE
14 – INTANGIBLE ASSETS
Intangible
assets, net consists of the following:
SCHEDULE OF INTANGIBLE ASSETS
| |
|
June 30, 2026 |
|
| |
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net |
|
| Trade names |
|
$ |
15,264,403 |
|
|
$ |
6,423,296 |
|
|
$ |
8,841,107 |
|
| Customer relationships |
|
|
4,871,000 |
|
|
|
2,528,293 |
|
|
|
2,342,707 |
|
| ERP system |
|
|
446,290 |
|
|
|
88,345 |
|
|
|
357,945 |
|
| Intangible Assets |
|
$ |
20,581,693 |
|
|
$ |
9,039,934 |
|
|
$ |
11,541,759 |
|
| |
|
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 was approximately $354,314 and $719,080 for the three months ended June 30, 2026 and 2025, respectively, and approximately $708,628
and $1,423,588 for the six months ended June 30, 2026 and 2025, respectively.
As
of June 30, 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: |
|
June 30, 2026 |
|
| Remainder of 2026 |
|
$ |
708,628 |
|
| 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) |
|
|
11,036,355 |
|
| Indefinite-lived intangible assets (non-amortizing) |
|
|
505,404 |
|
| Total intangible assets, net |
|
$ |
11,541,759 |
|
|