Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net [Abstract]

Intangible assets, net

Note 6 — Intangible assets, net

	December 31, 2024
	Gross carrying amount		Accumulated amortization			Net carrying amount
Customer relationships	$	124,700,000	$	(4,882,778	)	$	119,817,222
Trade names		13,500,000		(826,582	)		12,673,418
Total	$	138,200,000	$	(5,709,360	)	$	132,490,640

There were no intangible assets, accumulated amortization or amortization expense prior to the Founding Companies acquisitions in May 2024 as discussed in Note 3 above. In the year ended December 31, 2024, amortization expense was $4,882,778 for Customer relationships and $826,582 for Trade names. Amortization expense related to finite lived intangible assets is included in intangible amortization expenses in the consolidated statement of operations.

As of December 31, 2024, the expected amortization expense associated with the Company’s identifiable intangible assets with estimable useful lives over the next five years was as follows:

2025	$	9,663,333
2026		9,663,333
2027		9,663,333
2028		9,663,333
2029		9,663,333
Thereafter		84,173,975
Total	$	132,490,640

As of December 31, 2024, the weighted average amortization period for all intangible assets was 13.9 years, with 14.3 years for Customer relationships and 9.3 years for Trade names.