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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets The components of goodwill and other intangible assets were as follows:
June 30, 2024 (Unaudited) |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 5 years |  | $ | 39,250,000 |  |  | $ | 21,557,928 |  |  | $ | 17,692,072 |
Software |  | 7 years |  |  | 4,918,310 |  |  |  | 2,026,682 |  |  |  | 2,891,628 |
Trademarks |  | 7 years |  |  | 2,026,163 |  |  |  | 801,922 |  |  |  | 1,224,241 |
Non-compete agreements |  | 3 years |  |  | 2,250,000 |  |  |  | 1,966,945 |  |  |  | 283,055 |
Total finite lived intangible assets |  |  |  | $ | 48,444,473 |  |  | $ | 26,353,477 |  |  | $ | 22,090,996 |
December 31, 2023 |  | Estimated Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Finite lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 5 years |  | $ | 39,250,000 |  |  | $ | 17,636,463 |  |  | $ | 21,613,537 |
Software |  | 7 years |  |  | 4,230,291 |  |  |  | 1,819,287 |  |  |  | 2,411,004 |
Trademarks |  | 7 years |  |  | 2,026,163 |  |  |  | 657,331 |  |  |  | 1,368,832 |
Non-compete agreements |  | 3 years |  |  | 2,250,000 |  |  |  | 1,591,945 |  |  |  | 658,055 |
Total finite lived intangible assets |  |  |  | $ | 47,756,454 |  |  | $ | 21,705,026 |  |  | $ | 26,051,428 |
June 30, 2024 (Unaudited) and December 31, 2023 |  | Estimated Useful Life |  | Carrying Amount |
Indefinite lived intangible asset: |  |  |  |  |
Goodwill |  | Indefinite |  | $ | 85,828,238 |
We compute amortization using the straight-line method over the useful lives of the finite lived intangible assets. Amortization expense related to finite lived intangible assets was $2.3 million and $2.3 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense related to finite lived intangible assets was $4.6 million and $4.6 million for the six months ended June 30, 2024 and 2023, respectively. We have no indefinite-lived intangible assets other than goodwill. $70.8 million of the goodwill is not deductible for tax purposes, while $15.0 million of goodwill is deductible over its tax-basis life. We performed our annual impairment analysis for goodwill and other intangible assets in the third quarter of 2023 with no impairment recorded.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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