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Intangible Assets | 6 Months Ended
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Jun. 30, 2025
Intangible Assets [Abstract] |
Intangible Assets | NOTE 5 –INTANGIBLE ASSETS The Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows:
|  |  |  | June 30, 2025
| Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment loss | Net
Tradenames & trademarks | 8 years |  | $ | 17,900,000 |  | $ | (6,797,917) | $ | — | $ | 11,102,083
Developed technology | 4 years |  |  | 2,400,000 |  |  | (1,650,000) |  | (750,000) |  | —
|  |  | $ | 20,300,000 |  | $ | (8,447,917) | $ | (750,000) | $ | 11,102,083
|  |  |  | December 31, 2024
| Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment loss | Net
Tradenames & trademarks | 8 years |  | $ | 17,900,000 |  | $ | (5,679,167) | $ | — | $ | 12,220,833
Developed technology | 4 years |  |  | 2,400,000 |  |  | (1,650,000) |  | (750,000) |  | —
|  |  | $ | 20,300,000 |  | $ | (7,329,167) | $ | (750,000) | $ | 12,220,833
Amortization expense on these identifiable intangible assets was $559,375 and $709,375 during the three months ended June 30, 2025 and 2024, respectively and $1,118,750 and $1,418,750 for the six months ended June 30, 2025 and 2024, respectively. The estimated future amortization expense for identifiable intangible assets during the next fiscal years is as follows:
Quarter Ending and Year Ending December 31: |  |  |
Q3 - Q4 2025 |  | $ | 1,118,750
2026 |  |  | 2,237,500
2027 |  |  | 2,237,500
2028 |  |  | 2,237,500
2029 |  |  | 2,237,500
Thereafter |  |  | 1,033,333
Total |  | $ | 11,102,083

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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