Annual report [Section 13 and 15(d), not S-K Item 405]

OTHER INTANGIBLE ASSETS

v3.25.1
OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
OTHER INTANGIBLE ASSETS

NOTE 6. OTHER INTANGIBLE ASSETS

Other intangible assets, net consisted of the following:

 

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Patents

 

$

13,507,338

 

 

$

13,507,799

 

Customer relationships

 

 

14,040,856

 

 

 

14,040,856

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Intellectual property

 

 

2,000,000

 

 

 

2,000,000

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Software

 

 

2,137,847

 

 

 

1,432,397

 

Other intangible assets, gross

 

 

35,227,008

 

 

 

34,522,019

 

Less: accumulated amortization

 

 

(23,783,255

)

 

 

(21,766,284

)

Other intangible assets, net

 

$

11,443,753

 

 

$

12,755,735

 

 

For the years ended December 31, 2024 and 2023, amortization expense related to the finite-lived intangible assets was $2,017,483, and $1,839,211, respectively. As of December 31, 2024 and 2023, $153,724 and $272,395 of intangible assets have not been placed into service and remain unamortized at the end of each respective period.

 

Estimated future amortization expense is as follows:

 

Years Ended December 31,

 

Total

 

2025

 

$

2,209,949

 

2026

 

 

2,063,922

 

2027

 

 

1,797,408

 

2028

 

 

1,594,863

 

2029

 

 

1,179,543

 

Thereafter

 

 

2,598,068

 

Total

 

$

11,443,753