Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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

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.

June 30, 2024 (Unaudited) and December 31, 2023

Estimated
Useful Life

Carrying
Amount

Indefinite lived intangible asset:

Indefinite