XML 22 R12.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Intangible Assets
 3 Months Ended
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