| Schedule of Components of Intangible Assets |
The components of intangible
assets, all of which are finite lived, were as follows:
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Useful
Life |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Patents |
|
$ |
117,770 |
|
|
$ |
(45,582 |
) |
|
$ |
72,188 |
|
|
$ |
117,810 |
|
|
$ |
(43,153 |
) |
|
$ |
74,657 |
|
|
10 |
| Patents in process |
|
|
150,968 |
|
|
|
- |
|
|
|
150,968 |
|
|
|
142,239 |
|
|
|
- |
|
|
|
142,239 |
|
|
N/A |
| Licenses |
|
|
241,909 |
|
|
|
(95,904 |
) |
|
|
146,005 |
|
|
|
241,909 |
|
|
|
(89,859 |
) |
|
|
152,050 |
|
|
10 |
| Software |
|
|
227,049 |
|
|
|
(176,323 |
) |
|
|
50,726 |
|
|
|
211,411 |
|
|
|
(167,412 |
) |
|
|
43,999 |
|
|
3 |
| Trademarks |
|
|
3,230,000 |
|
|
|
(856,983 |
) |
|
|
2,373,017 |
|
|
|
3,230,000 |
|
|
|
(776,235 |
) |
|
|
2,453,765 |
|
|
10 |
| FAA waiver |
|
|
5,930,000 |
|
|
|
(1,573,346 |
) |
|
|
4,356,654 |
|
|
|
5,930,000 |
|
|
|
(1,425,101 |
) |
|
|
4,504,899 |
|
|
10 |
| Developed technology |
|
|
27,977,331 |
|
|
|
(6,365,253 |
) |
|
|
21,612,078 |
|
|
|
27,977,331 |
|
|
|
(5,632,170 |
) |
|
|
22,345,161 |
|
|
3 - 10 |
| Non-compete agreements |
|
|
840,000 |
|
|
|
(840,000 |
) |
|
|
- |
|
|
|
840,000 |
|
|
|
(840,000 |
) |
|
|
- |
|
|
1 |
| Marketing-related assets |
|
|
890,000 |
|
|
|
(104,790 |
) |
|
|
785,210 |
|
|
|
890,000 |
|
|
|
(82,540 |
) |
|
|
807,460 |
|
|
10 |
| Customer relationships |
|
|
1,010,000 |
|
|
|
(255,548 |
) |
|
|
754,452 |
|
|
|
1,010,000 |
|
|
|
(205,048 |
) |
|
|
804,952 |
|
|
5 |
| |
|
$ |
40,615,027 |
|
|
$ |
(10,313,729 |
) |
|
$ |
30,301,298 |
|
|
$ |
40,590,700 |
|
|
$ |
(9,261,518 |
) |
|
$ |
31,329,182 |
|
|
|
|
| Schedule of Expected Amortization Expense |
Expected amortization expense
for the next five years for the intangible assets currently being amortized is as follows:
| Year Ending December 31, |
|
Expected
Amortization |
|
| 2024 (9 months) |
|
$ |
3,158,766 |
|
| 2025 |
|
|
4,154,973 |
|
| 2026 |
|
|
4,071,246 |
|
| 2027 |
|
|
4,059,608 |
|
| 2028 |
|
|
3,787,781 |
|
| Thereafter |
|
|
11,068,924 |
|
| Total |
|
$ |
30,301,298 |
|
|