INTANGIBLES NET

6 Months Ended

Jun. 30, 2024

INTANGIBLES NET

INTANGIBLE NET

NOTE 7 — INTANGIBLES, NET

The following table summarizes the details of the Company’s intangible assets, net: 

									Adjusted
	June 30,			December 31,					December 31,
	2024			2023			Reclassification		2023
Consumer
Technology	$	395,396		$	371,352		$	-	$	371,352
Assets under development (2)		6,084			-			-		-
		401,480			371,352			-		371,352
Less: accumulated amortization		(371,136	)		(365,852	)		-		(365,852	)
Sub-total		30,344			5,500			-		5,500
Commercial
Trademarks/tradenames		2,869,000			2,869,000			-		2,869,000
Customer contracts		1,873,000			1,873,000			-		1,873,000
Customer relationships		1,809,000			1,809,000			-		1,809,000
		6,551,000			6,551,000			-		6,551,000
Less: accumulated amortization		(2,563,129	)		(2,248,405	)		-		(2,248,405	)
Sub-total		3,987,871			4,302,595			-		4,302,595
Corporate
Technology		422,317			-					-
Assets under development (1)(2)		35,125			-			191,075		191,075
		457,442			-			191,075		191,075
Less: accumulated amortization		(39,958	)		-			-		-
Sub-total		417,484			-			191,075		191,075
	$	4,435,699		$	4,308,095		$	191,075	$	4,499,170

(1) The reclassification related to the initial development of our enterprise resource planning system, which was placed into service in the first quarter of Fiscal 2024.

(2) As of June 30, 2024, these intangible assets are under development, have not yet been placed into service and are not yet amortizable.

The following table depicts the Company’s estimated future amortization expense related to intangible assets as of June 30, 2024:

	Consumer		Commercial		Corporate		Total
2024		3,378		327,550		42,483		373,411
2025		4,728		655,100		84,969		744,797
2026		4,728		655,100		84,969		744,797
2027		4,728		655,100		84,969		744,797
2028		4,728		655,100		84,969		744,797
Thereafter		1,970		1,039,921		-		1,041,891
	$	24,260	$	3,987,871	$	382,359	$	4,394,490