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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 11. INTANGIBLE ASSETS

 

Intangible assets, net consist of the following as of June 30, 2025 and December 31, 2024:

 

June 30, 2025 

Useful Lives

(Years)

  Gross Carrying
Amount		  

Accumulated

Amortization

  

Net

Carrying
Amount

 
Trade names  8-13 years  $4,444,000   $(1,657,221)  $2,786,779 
Customer relationships  4-6 years   2,669,000    (1,777,472)   891,528 
Non-compete  4-5 years   2,322,000    (1,151,885)   1,170,115 
Intangible assets, net     $9,435,000   $(4,586,578)  $4,848,422 

 

December 31, 2024  Useful Lives (Years) 

Gross

Carrying
Amount

  

Accumulated

Amortization

  

Net

Carrying

Amount

 
Trade names  8-13 years  $4,444,000   $(1,427,798)  $3,016,202 
Customer relationships  4-6 years   2,669,000    (1,628,639)   1,040,361 
Non-compete  4-5 years   2,322,000    (937,085)   1,384,915 
Intangible assets, net     $9,435,000   $(3,993,522)  $5,441,478 

 

 

Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense was approximately $297,000 and $230,000 for the three months ended June 30, 2025 and 2024, and approximately $593,000 and $460,000 for the six months ended June 30, 2025 and 2024, respectively. Future annual estimated amortization expense is as follows:

 

Years ending December 31,    
2025 (remaining six months)  $587,556 
2026   1,103,576 
2027   964,771 
2028   655,332 
2029   447,896 
Thereafter   1,089,291 
Total  $4,848,422