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Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Intangible Assets [Abstract] |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS The following table provides a summary of our intangible assets:
|  | March 31, 2024
|  | 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 |  |  |  | (1,699,243 | ) |  |  | 11,045,124 |
Liberty Loan brand |  | 10 years |  |  | 340,218 |  |  |  | (45,350 | ) |  |  | 294,868 |
Non-compete agreements |  | 10 years |  |  | 86,113 |  |  |  | (11,515 | ) |  |  | 74,598 |
Non contractual customer relationships |  | 5 years |  |  | 1,952,371 |  |  |  | (520,673 | ) |  |  | 1,431,698 |
Customer list |  | 3 years |  |  | 184,825 |  |  |  | (82,142 | ) |  |  | 102,683 |
|  |  |  | $ | 15,338,654 |  |  | $ | (2,389,683 | ) |  | $ | 12,948,971 |
|  | December 31, 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 |  |  |  | (1,380,638 | ) |  |  | 11,363,729 |
Liberty Loan brand |  | 10 years |  |  | 340,218 |  |  |  | (36,855 | ) |  |  | 303,363 |
Non-compete agreements |  | 10 years |  |  | 86,113 |  |  |  | (9,334 | ) |  |  | 76,779 |
Non contractual customer relationships |  | 5 years |  |  | 1,952,371 |  |  |  | (423,020 | ) |  |  | 1,529,351 |
Customer list |  | 3 years |  |  | 184,825 |  |  |  | (66,742 | ) |  |  | 118,083 |
|  |  |  | $ | 15,338,654 |  |  | $ | (1,947,349 | ) |  | $ | 13,391,305 |
Depreciation and amortization expense for intangible assets was $442,334 and $443,059 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, future estimated amortization expense related to identifiable intangible assets over the next five years is set forth in the following table:
|  | Amortization Expense |
2024 (nine months remaining) |  |  | 1,326,870 |
2025 |  |  | 1,764,026 |
2026 |  |  | 1,707,544 |
2027 |  |  | 1,675,012 |
2028 |  |  | 1,317,532 |
Total |  | $ | 7,790,984 |

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