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INTANGIBLE ASSETS, NET | 9 Months Ended
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Sep. 30, 2024
INTANGIBLE ASSETS, NET |
INTANGIBLE ASSETS, NET | NOTE 8 — INTANGIBLE ASSETS, NET The following table summarizes the details of the Company’s intangible assets, net: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Adjusted
​ | ​ | September 30, | ​ | December 31, | ​ | ​ | ​ | ​ | December 31,
​ |  | 2024 |  | 2023 |  | Reclassification |  | 2023
Consumer |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Technology | ​ | $ | 409,896 | ​ | $ | 371,352 | ​ | $ | — | ​ | $ | 371,352
Customer lists | ​ | ​ | 13,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Assets under development (2) | ​ |  | 7,551 | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ |  | 430,447 | ​ |  | 371,352 | ​ |  | — | ​ |  | 371,352
Less: accumulated amortization | ​ |  | (377,562) | ​ |  | (365,852) | ​ |  | — | ​ |  | (365,852)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 52,885 | ​ |  | 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 | ​ |  | (2,720,491) | ​ |  | (2,248,405) | ​ |  | — | ​ |  | (2,248,405)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 3,830,509 | ​ |  | 4,302,595 | ​ |  | — | ​ |  | 4,302,595
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Technology | ​ |  | 439,473 | ​ |  | — | ​ |  | ​ | ​ |  | —
Assets under development (1)(2) | ​ |  | 22,700 | ​ |  | — | ​ |  | 191,075 | ​ |  | 191,075
​ | ​ |  | 462,173 | ​ |  | — | ​ |  | 191,075 | ​ |  | 191,075
Less: accumulated amortization | ​ |  | (62,009) | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sub-total | ​ |  | 400,164 | ​ |  | — | ​ |  | 191,075 | ​ |  | 191,075
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 4,283,558 | ​ | $ | 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 September 30, 2024, these intangible assets are under development and 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 September 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Consumer |  | Commercial |  | Corporate |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 |  | ​ | 3,606 |  | ​ | 157,362 |  | ​ | 22,204 |  | ​ | 183,172
2025 |  | ​ | 8,928 |  | ​ | 629,448 |  | ​ | 88,815 |  | ​ | 727,191
2026 |  | ​ | 8,928 |  | ​ | 629,448 |  | ​ | 88,815 |  | ​ | 727,191
2027 |  | ​ | 8,928 |  | ​ | 629,448 |  | ​ | 88,815 |  | ​ | 727,191
2028 |  | ​ | 8,050 |  | ​ | 629,448 |  | ​ | 88,815 |  | ​ | 726,313
Thereafter |  | ​ | 6,894 |  | ​ | 1,155,355 |  | ​ | — |  | ​ | 1,162,249
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 45,334 | ​ | $ | 3,830,509 | ​ | $ | 377,464 | ​ | $ | 4,253,307
​

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