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Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Intangible Assets [Abstract] |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS The following table provides a summary of our intangible assets:
|  | June 30, 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 |  |  |  | (2,017,840 | ) |  |  | 10,726,527 |
Liberty Loan brand |  | 10 years |  |  | 340,218 |  |  |  | (53,823 | ) |  |  | 286,395 |
Non-compete agreements |  | 10 years |  |  | 86,113 |  |  |  | (13,752 | ) |  |  | 72,361 |
Non contractual customer relationships |  | 5 years |  |  | 1,952,371 |  |  |  | (618,396 | ) |  |  | 1,333,975 |
Customer list |  | 3 years |  |  | 184,825 |  |  |  | (97,538 | ) |  |  | 87,287 |
|  |  |  | $ | 15,338,654 |  |  | $ | (2,832,109 | ) |  | $ | 12,506,545 |
|  | 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 $442,426 and $884,760 for the three and six months ended June 30, 2024, respectively, and $443,059 and $886,118 for the three and six months ended June 30, 2023, respectively. As of June 30, 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 (six months remaining) |  |  | 884,580 |
2025 |  |  | 1,764,026 |
2026 |  |  | 1,707,552 |
2027 |  |  | 1,675,012 |
2028 |  |  | 1,317,072 |
Total |  | $ | 7,348,242 |

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