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Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Finite-Lived Intangible Assets, Net [Abstract] |
Intangible Assets | Intangible Assets Intangible assets consisted of the following:
| September 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer Relationships | $ | 35,000,000 |  |  | $ | (7,201,111) |  |  | $ | 27,798,889 |  |  | $ | 35,000,000 |  |  | $ | (5,451,111) |  |  | $ | 29,548,889 |
Trade Name | 12,400,000 |  |  | (7,605,000) |  |  | 4,795,000 |  |  | 12,400,000 |  |  | (5,760,000) |  |  | 6,640,000 |
Total intangible assets | $ | 47,400,000 |  |  | $ | (14,806,111) |  |  | $ | 32,593,889 |  |  | $ | 47,400,000 |  |  | $ | (11,211,111) |  |  | $ | 36,188,889 |
Total amortization expense of $1,198,334 was recorded during each of the three months ended September 30, 2024 and 2023 and $3,595,000 was recorded during each of the nine months ended September 30, 2024 and 2023. The Company continuously monitors for events and circumstances that could indicate that it is more likely than not that its finite lived intangible assets and other long-lived assets are impaired or not recoverable (a triggering event), requiring an interim impairment test. During the nine months ended September 30, 2024, the Company considered a number of factors including, but not limited to, current macroeconomic conditions such as inflation, economic growth, and interest rate movements, industry and market considerations, and overall financial performance of the Company. Based on the analysis of relevant events and circumstances, the Company concluded a triggering event had not occurred as of September 30, 2024.

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