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Note 6 - Intangible Assets

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 6. INTANGIBLE ASSETS

Intangible assets consist of the following:

		*September 30, 2025*												*December 31, 2024*
						*Accumulated*												*Accumulated*
		*Cost*				*Amortization*				*Balance*				*Cost*				*Amortization*				*Balance*

Customer relationships		$	72,028,493			$	(42,914,896	)		$	29,113,597			$	72,028,493			$	(38,854,986	)		$	33,173,507
Permits, licenses, and lease acquisition costs			11,991,532				(7,473,765	)			4,517,767				11,926,773				(6,656,353	)			5,270,420
Site location			849,347				(462,306	)			387,041				849,347				(419,955	)			429,392
Noncompetition agreements			626,000				(626,000	)			-				626,000				(626,000	)			-
Technology			1,128,000				(682,296	)			445,704				1,128,000				(608,250	)			519,750
Trade names and trademarks			11,152,200				(2,712,737	)			8,439,463				11,152,200				(2,271,025	)			8,881,175
Nonsolicitation agreement			353,000				(320,035	)			32,965				353,000				(176,611	)			176,389
Capitalized contract costs			3,237,525				(848,982	)			2,388,543				2,800,576				(624,175	)			2,176,401
Indefinite lived intangibles			7,787,591				-				7,787,591				7,705,591				-				7,705,591

Total		$	109,153,688			$	(56,041,017	)		$	53,112,671			$	108,569,980			$	(50,237,355	)		$	58,332,625

Future Amortization

The future amortization associated with the intangible assets is as follows:

		*September 30,*
		*2026*				*2027*				*2028*				*2029*				*2030*				*Thereafter*				*Total*

Customer relationships		$	5,428,084			$	5,408,507			$	5,204,597			$	3,431,532			$	3,122,469			$	6,518,408			$	29,113,597
Permits, licenses, and lease acquisition costs			1,075,038				1,042,124				956,737				281,513				190,316				972,039				4,517,767
Site location			56,623				56,623				56,623				56,623				56,623				103,926				387,041
Noncompetition agreements			-				-				-				-				-				-				-
Technology			99,000				99,000				99,000				99,000				49,704				-				445,704
Trade names and trademarks			590,567				542,026				525,667				525,667				525,667				5,729,869				8,439,463
Nonsolicitation agreement			32,965				-				-				-				-				-				32,965
Capitalized contract costs			323,753				323,753				323,753				323,753				323,753				769,778				2,388,543

Total		$	7,606,030			$	7,472,033			$	7,166,377			$	4,718,088			$	4,268,532			$	14,094,020			$	45,325,080

Amortization expense for the nine months ended September 30, 2025 and 2024 was $5,821,409 and $5,746,002 respectively.

As of September 30, 2025, the weighted average amortization period, in months, for intangible assets is as follows:

Customer relationships			64
Permits, licenses, and lease acquisition costs			49
Site location			82
Technology			54
Trade names and trademarks			171
Nonsolicitation agreement			2
Capitalized contract costs			89