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

Intangible assets, net are as follows:

 

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 
Patents  10 years   397,165    (219,452)   177,713 
Non-compete  4-5 years   1,602,000    (728,866)   873,134 
Intangible assets, net     $7,528,165   $(3,632,067)  $3,896,098 

 

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)  $1,843,277 
Customer relationships  4-6 years   2,669,000    (1,330,972)   1,338,028 
Patents  10 years   397,165    (199,001)   198,164 
Non-compete  4-5 years   1,602,000    (586,067)   1,015,933 
Intangible assets, net     $7,528,165   $(3,151,483)  $4,376,682 
SCHEDULE OF FUTURE ANNUAL ESTIMATED AMORTIZATION EXPENSE

 

Years ending December 31,      
2024 (remaining six months)   $ 478,807  
2025     953,891  
2026     875,910  
2027     731,489  
2028     412,819  
Thereafter     443,182  
Total   $ 3,896,098