Intangible Assets, net

12 Months Ended

Dec. 31, 2024

10.	Intangible Assets, net

The following table shows the Company’s intangible assets by major asset classes as of December 31, 2024:

	Year Ended
	December 31, 2023		December 31, 2024
Brand	$	—	$	279,173
Customer relationship		—		10,304,898
Order backlog		—		8,409,416
Favorable contract		—		270,467
Licenses, software		—		41,791
Concessions		—		17,858
Intangible assets, net	$	—	$	19,323,603

The following table reflects the gross carrying amount and accumulated amortization as of December 31, 2024:

	Gross carrying amount		Accumulated amortization		Net carrying amount
Brand	$	280,071	$	898	$	279,173
Customer relationship		10,322,102		17,204		10,304,898
Order backlog		8,467,319		57,903		8,409,416
Favorable contract		272,740		2,273		270,467
Licenses, software		41,791		—		41,791
Concessions		17,858		—		17,858
Total intangible assets	$	19,401,881	$	78,278	$	19,323,603

For the period December 16, 2024 to December 31, 2024, a total amortization of $78,336 was recorded. The net exchange difference was ($159,493). The estimated aggregate annual amortization expense for the five succeeding fiscal years is $1.9 million. The weighted-average amortization period in total is 16 years. The weighted-average amortization periods for major classes of the intangible assets are presented in Note 8.