Intangibles Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles Assets, Net

Note 8. Intangibles Assets, Net

A significant amount of the Company’s current identified intangible assets were assumed upon consummation of the Naturaleaf acquisition on April 30, 2021. The Company has incurred capitalizable costs in connection with patent applications that it started work on. Identified intangible assets consisted of the following at the dates indicated below: 

	March 31, 2024
	Gross  carrying  amount		Accumulated  amortization			Carrying value		Estimated useful  life
Licenses	$	800,000	$	(201,219	)	$	598,781		15 years
Brand	$	660,000	$	(285,669	)	$	374,331		5 years
Patent Applications	$	—		—		$	—		—
Total intangible assets, net	$	1,460,000	$	(486,888	)	$	973,112

	December 31, 2023
	Gross  carrying  amount		Accumulated  amortization			Carrying  value		Estimated  useful  life
Licenses	$	800,000	$	(187,866	)	$	612,114		15 years
Brand	$	660,000	$	(252,699	)	$	407,311		5 years
Patent Applications	$	18,464		—		$	18,464		—
Total intangible assets, net	$	1,478,464	$	(440,555	)	$	1,037,909

The weighted-average amortization period for intangible assets we acquired during the year ended December 31, 2023 was approximately 11.47  years. There were no intangible assets acquired during the three months ended March 31, 2024, or 2023.

Amortization expense for intangible assets was $60,115 and $46,333 for the three months ended March 31, 2024 and 2023, respectively. The total estimated amortization expense for our intangible assets for the years 2023 through 2027 is as follows:

Year Ended   December 31,
2023	$	186,000
2024	$	186,000
2025	$	186,000
2026	$	145,997
2027	$	54,000
	$	757,997