Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

Intangible assets as of December 31, 2023 and 2022 consist of the following:

	December 31,			December 31,
	2023			2022
Intangible assets subject to amortization
Customer Relationships	$	6,101,188		$	1,655,598
Tradenames/trademarks		4,769,115			2,208,530
Patented technology		2,740,704			1,730,771
Technology/know-how/trade secrets		10,575,871			8,341,000
Vendor relationships		1,416,000			-
Rebate program		1,894,703			-
		27,497,581			13,935,899
Less: Accumulated Amortization		(5,205,927	)		(2,581,469	)
	$	22,291,654		$	11,354,430

As of December 31, 2023 and 2022, the Company recorded total amortization expense related to intangible assets of $2,624,458 and $1,767,936, respectively. The useful lives of tradenames ranges from 5 to 10 years, technology is 10 years, customer relationships ranges from 7 to 14 years, and patents range from 17 to 20 years.

The Company also recorded an impairment of PURO goodwill and intangible assets of $6,805,667 (Note 2).

Future amortization of intangible assets are as follows:

For the years ending December 31,
2024	$	2,568,150
2025		2,568,150
2026		2,550,641
2027		2,493,363
Thereafter		12,111,350
	$	22,291,654