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INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 4 INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets consisted of the following:

 

   March 31,
2024		   December 31,
2023		 
Patents and trademarks (useful life 15 years)  $931,831   $1,040,927 
Customer relationships (useful life 7 years)   4,500,000    4,500,000 
E-commerce technology platforms (useful life 4 years)   3,900,000    3,900,000 
Less: accumulated amortization  $(1,704,359)   (1,299,895)
Total, net  $7,627,472   $8,141,032 

 

Amortization expense on intangible assets amounted to $ 513,559 and $14,307 during the three-month ended March 31, 2024 and 2023, respectively.

 

The following table sets forth the estimated amortization expense for the next five years:

 

Nine months ended December 31, 2024  $1,269,150 
2025   1,673,613 
2026   1,673,613 
2027   1,511,113 
2028   698,613 
2029   698,613