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Intangible Assets
9 Months Ended
Sep. 30, 2024
Finite-Lived Intangible Assets, Net [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consisted of the following:
September 30, 2024December 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 Name12,400,000 (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.