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INTANGIBLES NET | 6 Months Ended
--- | ---
Jun. 30, 2024
INTANGIBLES NET |
INTANGIBLE NET | NOTE 7 — INTANGIBLES, NET The following table summarizes the details of the Company’s intangible assets, net:
|  |  |  |  |  |  |  |  |  |  | Adjusted |
|  | June 30, |  |  | December 31, |  |  |  |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | Reclassification |  |  | 2023 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Technology |  | $ | 395,396 |  |  | $ | 371,352 |  |  | $ | - |  |  | $ | 371,352 |
Assets under development (2) |  |  | 6,084 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 401,480 |  |  |  | 371,352 |  |  |  | - |  |  |  | 371,352 |
Less: accumulated amortization |  |  | (371,136 | ) |  |  | (365,852 | ) |  |  | - |  |  |  | (365,852 | )
Sub-total |  |  | 30,344 |  |  |  | 5,500 |  |  |  | - |  |  |  | 5,500 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks/tradenames |  |  | 2,869,000 |  |  |  | 2,869,000 |  |  |  | - |  |  |  | 2,869,000 |
Customer contracts |  |  | 1,873,000 |  |  |  | 1,873,000 |  |  |  | - |  |  |  | 1,873,000 |
Customer relationships |  |  | 1,809,000 |  |  |  | 1,809,000 |  |  |  | - |  |  |  | 1,809,000 |
|  |  | 6,551,000 |  |  |  | 6,551,000 |  |  |  | - |  |  |  | 6,551,000 |
Less: accumulated amortization |  |  | (2,563,129 | ) |  |  | (2,248,405 | ) |  |  | - |  |  |  | (2,248,405 | )
Sub-total |  |  | 3,987,871 |  |  |  | 4,302,595 |  |  |  | - |  |  |  | 4,302,595 |
Corporate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Technology |  |  | 422,317 |  |  |  | - |  |  |  |  |  |  |  | - |
Assets under development (1)(2) |  |  | 35,125 |  |  |  | - |  |  |  | 191,075 |  |  |  | 191,075 |
|  |  | 457,442 |  |  |  | - |  |  |  | 191,075 |  |  |  | 191,075 |
Less: accumulated amortization |  |  | (39,958 | ) |  |  | - |  |  |  | - |  |  |  | - |
Sub-total |  |  | 417,484 |  |  |  | - |  |  |  | 191,075 |  |  |  | 191,075 |
|  | $ | 4,435,699 |  |  | $ | 4,308,095 |  |  | $ | 191,075 |  |  | $ | 4,499,170 |
(1) The reclassification related to the initial development of our enterprise resource planning system, which was placed into service in the first quarter of Fiscal 2024. (2) As of June 30, 2024, these intangible assets are under development, have not yet been placed into service and are not yet amortizable. The following table depicts the Company’s estimated future amortization expense related to intangible assets as of June 30, 2024:
|  | Consumer |  |  | Commercial |  |  | Corporate |  |  | Total |
2024 |  |  | 3,378 |  |  |  | 327,550 |  |  |  | 42,483 |  |  |  | 373,411 |
2025 |  |  | 4,728 |  |  |  | 655,100 |  |  |  | 84,969 |  |  |  | 744,797 |
2026 |  |  | 4,728 |  |  |  | 655,100 |  |  |  | 84,969 |  |  |  | 744,797 |
2027 |  |  | 4,728 |  |  |  | 655,100 |  |  |  | 84,969 |  |  |  | 744,797 |
2028 |  |  | 4,728 |  |  |  | 655,100 |  |  |  | 84,969 |  |  |  | 744,797 |
Thereafter |  |  | 1,970 |  |  |  | 1,039,921 |  |  |  | - |  |  |  | 1,041,891 |
|  | $ | 24,260 |  |  | $ | 3,987,871 |  |  | $ | 382,359 |  |  | $ | 4,394,490 |

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