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INTANGIBLE ASSETS, NET (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
SCHEDULE OF INTANGIBLE ASSETS, NET

At June 30, 2024 and December 31, 2023, intangible assets consist of the following:

 

June 30, 2024  Useful Lives (Years)  Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
Trade names  8-10 years  $2,860,000   $(1,203,943)  $1,656,057 
Customer relationships  4-6 years   2,669,000    (1,479,806)   1,189,194 
Non-compete  4-5 years   1,602,000    (728,866)   873,134 
Intangible assets, net     $7,131,000   $(3,412,615)  $3,718,385 

 

December 31, 2023  Useful Lives (Years)  Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
Trade names  8-10 years  $2,860,000   $(1,035,443)  $1,824,557 
Customer relationships  4-6 years   2,669,000    (1,330,972)   1,338,028 
Non-compete  4-5 years   1,602,000    (586,066)   1,015,934 
Intangible assets, net     $7,131,000   $(2,952,481)  $4,178,519 

At December 31, 2023 and, 2022, intangible assets consist of the following:

SCHEDULE OF INTANGIBLE ASSETS, NET 

 

December 31, 2023  Useful Lives (Years) 

Gross Carrying

Amount

  

Accumulated

Amortization

  

Net Carrying

Amount

 
Trade names  8-10 years  $2,860,000    (1,035,443)  $1,824,557 
Customer relationships  4-6 years   2,669,000    (1,330,972)   1,338,028 
Non-compete  4-5 years   1,602,000    (586,066)   1,015,934 
Intangible assets, net     $7,131,000   $(2,952,481)  $4,178,519 

 

December 31, 2022  Useful Lives (Years) 

Gross Carrying

Amount

  

Accumulated

Amortization

  

Net Carrying

Amount

 
Trade names  8-10 years  $2,569,000    (725,724)  $1,843,276 
Customer relationships  4-6 years   2,669,000    (1,033,306)   1,635,694 
Non-compete  4-5 years   1,602,000    (300,466)   1,301,534 
Intangible assets, net     $6,840,000   $(2,059,496)  $4,780,504 
SCHEDULE OF FUTURE ANNUAL ESTIMATED AMORTIZATION EXPENSE

Future annual estimated amortization expense is as follows:

 

For the years ending December 31,    
2024 (remaining six months)  $460,133 
2025   914,766 
2026   837,730 
2027   698,925 
2028   389,486 
Thereafter   417,345 
Total  $3,718,385 

Future annual estimated amortization expense is as follows:

 

For the years ending December 31,    
2024  $920,266 
2025   914,766 
2026   837,730 
2027   698,925 
2028   389,486 
Thereafter   417,346 
Total  $4,178,519