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Intangible Assets

9 Months Ended

Sep. 30, 2023

6. INTANGIBLE ASSETS

The following table provides a summary of our intangible assets:

	September 30, 2023
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Patent	10 years	$	30,760	$	(30,760	)	$	-
Franchisee contract-based agreements	10 years		12,744,367		(1,062,029	)		11,682,338
Liberty Loan brand	10 years		340,218		(28,350	)		311,868
Non-compete agreements	10 years		86,113		(7,180	)		78,933
Non contractual customer relationships	5 years		1,952,371		(325,400	)		1,626,971
Customer list	3 years		184,825		(51,340	)		133,485
		$	15,338,654	$	(1,505,059	)	$	13,833,595

	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 $442,636 and $1,328,754 for the three and nine months ended September 30, 2023, respectively, and $769 and $2,307 for the three and nine months ended September 30, 2022, respectively.

As of September 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 (three months remaining)	$	442,290
2024		1,769,160
2025		1,764,026
2026		1,707,552
2027		1,675,012
Total	$	7,358,040