INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

Intangible assets as of September 30, 2023 and December 31, 2022 consist of the following:

	September 30,			December 31,
	2023			2022
Intangible assets subject to amortization
Customer Relationships	$	8,448,598		$	1,655,598
Tradenames/trademarks		5,242,530			2,208,530
Patented technology		3,475,045			1,730,771
Technology/know-how/trade secrets		11,383,943			8,341,000
Vendor relationships		1,416,000			—
Rebate program		1,894,703			—
		31,860,819			13,935,899
Less: Accumulated Amortization		(4,525,949	)		(2,581,469	)
	$	27,334,870		$	11,354,430

During the three months ended September 30, 2023 and 2022, the Company recorded total amortization expense related to intangible assets of $680,678 and $441,984, respectively. During the nine months ended September 30, 2023 and 2022, the Company recorded total amortization expense related to intangible assets of $1,944,479 and $359,600, 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. Future amortization of intangible assets are as follows:

For the year ending December 31,
2023 (3 months)		764,465
2024		3,050,982
2025		3,050,982
2026		3,033,272
Thereafter		17,435,169
Total	$	27,334,870