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GOODWILL & INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & INTANGIBLE ASSETS GOODWILL & INTANGIBLE ASSETS
Goodwill
The Company has recorded goodwill in conjunction with the acquisitions it has completed. The goodwill balances as of March 31, 2024 and December 31, 2023 were $9,688,975 and $9,688,975, respectively. Goodwill is not amortized. The Company did not record any impairment charges related to goodwill for the three months ended March 31, 2024 and 2023.
Intangible Assets Other Than Goodwill
Intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following:
March 31, 2024
CostAccumulated AmortizationNet Book Value
Finite-lived intangible assets:
Customer relationships$3,269,201 $(1,110,830)$2,158,371 
Trademarks and trade names1,778,000 (752,317)1,025,683 
Backlog707,400 (707,400)— 
Licenses16,437 (16,437)— 
Total finite-lived intangible assets:5,771,038 (2,586,984)3,184,054 
Indefinite-lived intangible assets:
Trade name28,291 — 28,291 
Patents44,276 — 44,276 
Total indefinite-lived intangible assets72,567 — 72,567 
Total intangible assets, net$5,843,605 $(2,586,984)$3,256,621 
December 31, 2023
CostAccumulated AmortizationNet Book Value
Finite-lived intangible assets:
Customer relationships3,269,201 (1,004,743)2,264,458 
Trademarks and trade names1,778,000 (663,417)1,114,583 
Backlog707,400 (707,400)— 
Licenses16,437 (16,437)— 
Total finite-lived intangible assets:5,771,038 (2,391,997)3,379,041 
Indefinite-lived intangible assets:
Trade name28,291 — 28,291 
Patents44,276 — 44,276 
Total indefinite-lived intangible assets72,567 — 72,567 
Total intangible assets, net$5,843,605 $(2,391,997)$3,451,608 
Amortization expense for intangible assets subject to amortization for the three months ended March 31, 2024 and 2023 was $194,988 and $310,020, respectively. The estimated future amortization expense for intangible assets subject to amortization as of March 31, 2024, is summarized below:

For the years ending December 31,Estimated Future
Amortization Expense
Remainder of 2024$584,968 
2025779,948 
2026738,364 
2027513,714 
2028405,306 
2029161,754 
Total estimated future amortization expense$3,184,054