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Intangibles | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangibles | Intangibles Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023:
| September 30, 2024
| Estimated Useful Life (Years) |  | Gross Carrying Amount |  | Additions |  | Accumulated Amortization |  | Net Carrying Amount
Computer software | 5 years |  | $ | 247,828 |  |  | $ | — |  |  | $ | (241,191) |  |  | $ | 6,637 |
Operating licenses | Indefinite |  | 9,399,004 |  |  | — |  |  | — |  |  | 9,399,004 |
Internally developed software | 4-5 years |  | 10,078,087 |  |  | 2,109,239 |  |  | (11,264,266) |  |  | 923,060 |
Material contracts | Indefinite |  | 62,550 |  |  | — |  |  | — |  |  | 62,550 |
Customer relationships | 8-9 years |  | 28,337,524 |  |  | 112,260 |  |  | (5,745,054) |  |  | 22,704,730 |
Trademark | 8-15 years |  | 427,531 |  |  | (2,942) |  |  | (94,029) |  |  | 330,560 |
Non-compete agreements | 5 years |  | 100,000 |  |  | — |  |  | (30,000) |  |  | 70,000 |
Trade credits | 5 years |  | 1,500,000 |  |  | — |  |  | — |  |  | 1,500,000 |
|  |  | $ | 50,152,524 |  |  | $ | 2,218,557 |  |  | $ | (17,374,540) |  |  | $ | 34,996,541 |
| December 31, 2023
| Estimated Useful Life (Years) |  | Gross Carrying Amount |  | Additions |  | Accumulated Amortization |  | Net Carrying Amount
Computer software | 5 years |  | $ | 247,828 |  |  | $ | — |  |  | $ | (235,967) |  |  | $ | 11,861 |
Operating licenses | Indefinite |  | 8,799,004 |  |  | 600,000 |  |  | — |  |  | 9,399,004 |
Internally developed software | 4-5 years |  | 8,284,058 |  |  | 1,794,029 |  |  | (8,821,563) |  |  | 1,256,524 |
Material contracts | Indefinite |  | 62,550 |  |  | — |  |  | — |  |  | 62,550 |
Customer relationships | 8-9 years |  | 12,397,954 |  |  | 15,939,570 |  |  | (3,334,925) |  |  | 25,002,599 |
Trademark | 8-15 years |  | 389,469 |  |  | 38,062 |  |  | (62,141) |  |  | 365,390 |
Non-compete agreements | 5 years |  | — |  |  | 100,000 |  |  | (15,000) |  |  | 85,000 |
Trade credits | 5 years |  | — |  |  | 1,500,000 |  |  | — |  |  | 1,500,000 |
|  |  | $ | 30,180,863 |  |  | $ | 19,971,661 |  |  | $ | (12,469,596) |  |  | $ | 37,682,928 |
The intangible assets include an immaterial foreign currency translation adjustment in the amount of $29,019 for the nine months ended September 30, 2024. Intangible asset balances are translated into U.S. dollars using exchange rates in effect at period end, and adjustments related to foreign currency translation are included in other comprehensive income. During the nine months ended September 30, 2024, the Company disposed of intangible assets with a cost of $1,540 and accumulated amortization of $276. The Company recorded a loss on disposal of intangible assets of $1,264 for the nine months ended September 30, 2024. The Company also reclassified certain intangible assets with a cost of $30,361 and accumulated amortization of $8,136 to “legal and regulatory” expenses within the unaudited Condensed Statements of Operations and Comprehensive Income (Loss) . The Company recorded amortization expense of $1,605,483 and $1,515,378 for the three months ended September 30, 2024 and 2023, respectively. The Company recorded amortization expense of $4,884,337 and $4,295,958 for the nine months ended September 30, 2024 and 2023, respectively. Future amortization expense at September 30, 2024 for the next five years and in the aggregate are as follows:
| Amortization Expense
2024, remaining | $ | 1,003,942 |
2025 | 3,838,416 |
2026 | 3,334,528 |
2027 | 3,315,044 |
2028 | 3,288,838 |
Thereafter | 9,254,219 |
Total | $ | 24,034,987 |

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