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Intangible Assets

6 Months Ended

Jun. 30, 2023

6. INTANGIBLE ASSETS

The following table provides a summary of our intangible assets:

	June 30, 2023
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patent	10 years	$	30,760	$	(30,414	)	$	346
Franchisee contract-based agreements	10 years		12,744,367		(743,420	)		12,000,947
Liberty Loan brand	10 years		340,218		(19,845	)		320,373
Non-compete agreements	10 years		86,113		(5,026	)		81,087
Non contractual customer relationships	5 years		1,952,371		(227,780	)		1,724,591
Customer list	3 years		184,825		(35,938	)		148,887
		$	15,338,654	$	(1,062,423	)	$	14,276,231

	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 $886,118 for the three and six months ended June 30, 2023, respectively, and $769 and $1,538 for the three and six months ended June 30, 2022, respectively.

As of June 30, 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 (six months remaining)	$	884,926
2024		1,769,160
2025		1,764,026
2026		1,707,552
2027		1,675,012
Total	$	7,800,676