Intangible Assets

9 Months Ended

Sep. 30, 2024

Note 6 — Intangible Assets

Intangible assets consisted of the following:

	Estimated Useful Lives (in Years)	September 30, 2024			December 31, 2023
Goodwill		$	3,045,000		$	3,045,000

Customer contracts	7-10		5,805,749			5,483,263
Developed technology	15		1,660,000			1,660,000
Non-compete agreements	3		840,000			840,000
Patents	5-10		230,000			230,000
Tradename	10-15		2,010,000			2,010,000
Total intangible assets			10,545,749			10,223,263
Less: amortization			(3,832,672	)		(3,087,515	)
Intangibles, net		$	6,713,077		$	7,135,748

Amortization for the nine months ended September 30, 2024 and 2023 was $846,351 and $528,533, respectively, which is included in depreciation and amortization expense. Amortization for the three months ended September 30, 2024 and 2023 was $282,117 and $257,929, respectively, which is included in depreciation and amortization expense.

The future amortization is as follows:

Years Ending December 31:
2024 (remainder of year)	$	282,117
2025		1,015,571
2026		858,466
2027		858,466
2028		724,350
Thereafter		2,974,107
Total	$	6,713,077

SMART FOR LIFE, INC. 10-Q