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Intangible Assets
 6 Months Ended
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