INTANGIBLES, NET

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES, NET

NOTE 5 – INTANGIBLES, NET

Intangible assets consisted of the following as of June 30, 2023 and December 31, 2022:

	June 30,			December 31,
	2023			2022
Customer Lists	$	687,500		$	687,500
Intellectual Property		10,333,144			-
Tradenames		275,447			-
Noncompete Agreement		72,886			-
Less: accumulated amortization		(176,599	)		-
Net book value	$	11,192,378		$	687,500

Amortization expense from intangible assets was $176,599 and $0 for the six months ended June 30, 2023 and 2022, respectively, and $169,724 and $0 for the three months ended June 30, 2023 and 2022.

On December 9, 2022, Titan entered into a purchase agreement with WTI Global, Inc. (the “seller” or “WTI”) for consideration of approximately $687,500 in exchange for intangible assets. The entire purchase consideration was allocated as fair value to the customer lists acquired from the seller. The $687,500 was funded through a combination of a note payable to the seller of $170,000 and an equity infusion from a member of Titan for $517,500. See Note 9 and 10 for further details.

As a result of the Titan Merger, the Company recorded $10,333,144 of intellectual property, $275,447 of tradenames, and a $72,886 noncompete agreement on the acquisition date (Note 3 – Business Combinations).

Future amortization expense from intangible assets as of June 30, 2023 were as follows:

	For the Year Ended,
	December 31,
Remainder of 2023	$	597,597
2024		1,188,698
2025		1,185,450
2026		1,185,450
2027		1,185,450
Thereafter		5,849,733
Total remaining amortization expense	$	11,192,378