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Intangible assets | 12 Months Ended
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Dec. 31, 2024
Intangible assets |
Intangible assets | 9. Intangible assets The Company’s purchase transactions for Aerex and PERC identified certain intangible assets. The remaining intangible assets and their respective useful lives are as follows: trade names (15 years) and facility management contracts (6 years). Effective October 2023, the Company purchased a 100% ownership interest in REC. The purchase transaction identified certain intangible assets with a fair value of $1,108,390 and useful lives as follows: non-compete (5 years), trade name (15 years) and customer relationships (15 years). The costs and accumulated amortization for these assets were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
Cost |  | ​ |  |  | ​ |
Non-compete agreements | ​ | $ | 268,590 | ​ | $ | 268,590
Trade names | ​ |  | 3,096,900 | ​ |  | 3,096,900
Customer relationships | ​ | ​ | 442,900 | ​ | ​ | 442,900
Facility management contracts | ​ |  | 2,200,000 | ​ |  | 2,200,000
​ | ​ |  | 6,008,390 | ​ |  | 6,008,390
Accumulated amortization | ​ |  | ​ | ​ |  |
Non-compete agreements | ​ |  | (67,147) | ​ |  | (13,430)
Trade names | ​ |  | (1,313,075) | ​ |  | (1,106,615)
Customer relationships | ​ | ​ | (36,908) | ​ | ​ | (7,382)
Facility management contracts | ​ |  | (1,894,445) | ​ |  | (1,527,778)
​ | ​ |  | (3,311,575) | ​ |  | (2,655,205)
Intangible assets, net | ​ | $ | 2,696,815 | ​ | $ | 3,353,185
​ Amortization of intangible assets for each of the next five years and thereafter is expected to be as follows: ​
​ | ​ | ​ | ​
2025 |  | $ | 595,260
2026 | ​ |  | 289,705
2027 | ​ |  | 289,705
2028 | ​ |  | 276,275
2029 | ​ |  | 235,987
Thereafter | ​ |  | 1,009,883
​ | ​ | $ | 2,696,815
​ Amortization expense was $656,370, $574,093 and $582,778 for the years ended December 31, 2024, 2023 and 2022, respectively.

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