Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Intangible Assets, Net [Abstract]

Intangible assets, net

Note 5 — Intangible assets, net

	September 30, 2025
	Gross carrying amount		Accumulated amortization			Net carrying amount
Customer relationships	$	126,703,000	$	(11,184,541	)	$	115,518,459
Trade names		13,717,000		(1,849,931	)		11,867,069
Total	$	140,420,000	$	(13,034,472	)	$	127,385,528

	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 Company acquisitions in May 2024 as discussed in Note 3 above. In the nine and three months ended September 30, 2025, amortization expense was $6,301,765 and $2,111,715 for Customer relationships and $1,023,347 and $342,926 for Trade names, respectively. Amortization expense related to finite lived intangible assets is included in intangible amortization expenses in the consolidated statement of operations.

As of September 30, 2025, 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	$	2,454,642
2026		9,818,567
2027		9,818,567
2028		9,818,567
2029		9,818,567
Thereafter		85,656,618
Total	$	127,385,528

As of September 30, 2025, the weighted average amortization period for all intangible assets was 13.22 years, with 13.68 years for Customer relationships and 8.66 years for Trade names.