INTANGIBLES, NET

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES, NET

NOTE 5 – INTANGIBLES, NET

Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023:

	September 30,			December 31,
	2024			2023
Customer Lists	$	687,500		$	1,137,807
Intellectual Property		-			5,228,548
Tradenames		-			509,818
Noncompete Agreement		-			282,948
Less: accumulated amortization		(120,312	)		(505,091	)
Net book value	$	567,188		$	6,654,030

During the nine months ended September 30, 2024, and as a result of the financial performance of the Digester Segment, the Company concluded it was more likely than not that the fair value of the intangible assets were less than their carrying amount. Therefore, the Company performed an impairment assessment of the intangible assets. The quantitative impairment test indicated the fair value of the intangible assets were that was lower than their carrying value, and as a result, the intangibles were impaired with an impairment expense of $ 5,508,595 during the nine months ended September 30, 2024.

Amortization expense from intangible assets was $578,247 and $464,589 for the nine months ended September 30, 2024 and 2023, respectively, and $194,030 and $287,990 for the three months ended September 30, 2024 and 2023, respectively.