AMORTIZATION OF INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

AMORTIZATION OF INTANGIBLE ASSETS

NOTE 7 – AMORTIZATION OF INTANGIBLE ASSETS

All of the Company’s current identified intangible assets were assumed upon consummation of the Empire acquisition on October 1, 2021. Identified intangible assets consisted of the following at the dates indicated below:

	December 31, 2023							Remaining
	Gross carrying amount		Accumulated amortization			Carrying value		estimated useful life
Intellectual Property	$	3,036,000	$	(1,366,200	)	$	1,669,800	3 years
Customer List		2,239,000		(503,775	)		1,735,225	8 years
Licenses		21,274,000		(4,786,650	)		16,487,350	8 years
Total intangible assets, net	$	26,549,000	$	(6,656,625	)	$	19,892,375

	December 31, 2022							Remaining
	Gross carrying amount		Accumulated amortization			Carrying value		estimated useful life
Intellectual Property	$	3,036,000	$	(759,000	)	$	2,277,000	4 years
Customer List		2,239,000		(279,875	)		1,959,125	9 years
Licenses		21,274,000		(2,659,250	)		18,614,750	9 years
Total intangible assets, net	$	26,549,000	$	(3,698,125	)	$	22,850,875

There were no intangible assets acquired during the years ended December 31, 2023 and 2022.

Amortization expense for intangible assets was $2,958,500 and $2,958,500 for the years ended December 31, 2023 and 2022, respectively. Total estimated amortization expense for our intangible assets for the years 2024 through 2028 is as follows:

Year ended December 31,
2024	$	2,958,500
2025		2,958,500
2026		2,806,700
2027		2,351,300
2028		2,351,300
Thereafter		6,466,075