| Intangible Assets |
Intangible Assets
Intangible assets consisted of the following:
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As of March 31, 2024 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
7,385,830 |
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$ |
(3,181,549) |
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$ |
4,204,281 |
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| Customer relationships |
1,682,807 |
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(1,493,034) |
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189,773 |
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| Assembled workforce |
440,844 |
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(261,173) |
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179,671 |
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$ |
9,509,481 |
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$ |
(4,935,756) |
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$ |
4,573,725 |
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As of December 31, 2023 |
|
Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Value |
| Intangible assets subject to amortization: |
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| Reacquired franchise rights |
$ |
7,385,830 |
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$ |
(2,926,595) |
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$ |
4,459,235 |
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| Customer relationships |
1,682,807 |
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(1,349,938) |
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332,869 |
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| Assembled workforce |
440,844 |
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(212,022) |
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228,822 |
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$ |
9,509,481 |
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$ |
(4,488,555) |
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$ |
5,020,926 |
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Amortization expense related to the Company’s intangible assets was $447,200 and $937,225 for the three months ended March 31, 2024 and 2023, respectively.
Estimated amortization expense for 2024 and subsequent years is as follows:
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Amount |
| 2024 (remainder) |
$ |
1,053,419 |
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| 2025 |
1,100,700 |
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| 2026 |
958,290 |
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| 2027 |
565,521 |
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| 2028 |
454,120 |
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| Thereafter |
441,675 |
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| Total |
$ |
4,573,725 |
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