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Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

 

The following table provides a summary of our intangible assets:

 

   March 31, 2023
   Estimated
Useful
Life		  Gross Carrying
Amount		   Accumulated
Amortization		   Net Carrying
Amount		 
Patent  10 years  $30,760   $(29,645)  $1,115 
Franchisee contract-based agreements  10 years   12,744,367    (424,811)   12,319,556 
Liberty Loan brand  10 years   340,218    (11,340)   328,878 
Non-compete agreements  10 years   86,113    (2,872)   83,241 
Non contractual customer relationships  5 years   1,952,371    (130,160)   1,822,211 
Customer list  3 years   184,825    (20,536)   164,289 
      $15,338,654   $(619,364)  $14,719,290 

 

   December 31, 2022
   Estimated
Useful
Life		  Gross Carrying
Amount		   Accumulated
Amortization		   Net Carrying
Amount		 
Patent  10 years  $30,760   $(28,876)  $1,884 
Franchisee contract-based agreements  10 years   12,744,367    (106,203)   12,638,164 
Liberty Loan brand  10 years   340,218    (2,835)   337,383 
Non-compete agreements  10 years   86,113    (718)   85,395 
Non contractual customer relationships  5 years   1,952,371    (32,540)   1,919,831 
Customer list  3 years   184,825    (5,133)   179,692 
      $15,338,654   $(176,305)  $15,162,349 

 

Depreciation and amortization expense for intangible assets was $443,059 and $0 for the three months ended March 31, 2023 and 2022, respectively.

 

As of March 31, 2023, future estimated amortization expense related to identifiable intangible assets over the next five years is set forth in the following table:

 

    Amortization Expense  
2023 (nine months remaining)   $ 1,327,980  
2024     1,769,152  
2025     1,748,616  
2026     1,707,544  
2027     1,675,004  
Total   $ 8,228,296