Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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