| Intangible Assets |
| | |
| |
| | |
2023 | |
| | |
Weighted- Average Remaining Useful Lives (in years) | |
Gross Carrying Amount | | |
Accumulated Amortization | | |
Net Carrying Amount | |
| Intellectual property | |
4.74 | |
$ | 461,663 | | |
$ | 101,023 | | |
$ | 360,640 | |
| Domain name | |
12.42 | |
| 500,448 | | |
| 86,019 | | |
| 414,429 | |
| Brand | |
7.83 | |
| 1,284,000 | | |
| 280,369 | | |
| 1,003,631 | |
| Software and technology | |
4.68 | |
| 20,894,389 | | |
| 1,618,906 | | |
| 19,275,483 | |
| Internal software development | |
4.18 | |
| 2,004,684 | | |
| 116,854 | | |
| 1,887,830 | |
| Assembled workforce | |
1.75 | |
| 366,188 | | |
| 45,773 | | |
| 320,415 | |
| | |
| |
$ | 25,511,372 | | |
$ | 2,248,944 | | |
$ | 23,262,428 | |
| | |
| | |
2022 | |
| | |
Gross
Carrying Amount | | |
Accumulated Amortization | | |
Net
Carrying
Amount | |
| Intellectual property | |
$ | 123,143 | | |
$ | 71,019 | | |
$ | 52,124 | |
| Domain name | |
| 500,448 | | |
| 52,656 | | |
| 447,792 | |
| Brand | |
| 1,284,000 | | |
| 151,969 | | |
| 1,132,031 | |
| Software and technology | |
| 1,969,769 | | |
| 390,411 | | |
| 1,579,358 | |
| | |
$ | 3,877,360 | | |
$ | 666,055 | | |
$ | 3,211,305 | |
Amortization expense related to intangible
assets for the year ended December 31, 2023 was $1,582,889 (2022 – $569,042).
For intangible assets held as of December
31, 2023, future amortization expense is as follows:
| 2024 | |
$ | 5,127,906 | |
| 2025 | |
| 5,019,093 | |
| 2026 | |
| 4,717,638 | |
| 2027 | |
| 4,366,324 | |
| 2028 | |
| 3,422,223 | |
| Thereafter | |
| 609,244 | |
| | |
$ | 23,262,428 | |
|