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ERNEST ENERGY, INC. AND SUBSIDIARIES <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2023 <br /> <br />19 <br />Note 8 - Goodwill and Other Intangible Assets <br /> <br />Goodwill, net of accumulated amortization, is summarized as follows at December 31, 2023: <br /> <br />Weighted average <br />amortization period <br />Gross carrying amount 10 years 859,307$ <br />Less: Accumulated amortization 157,540 <br />Net carrying value 701,767$ <br />Amortization expense related to goodwill was $85,931 for the year ended December 31, 2023. <br /> <br />Estimated amortization expense for the next five years and thereafter is as follows: <br /> <br />Years Ending December 31: <br />2024 85,931$ <br />2025 85,931 <br />2026 85,931 <br />2027 85,931 <br />2028 85,931 <br />Thereafter 272,112 <br />701,767$ <br /> The intangible assets as of December 31, 2023 are presented below: <br /> <br />Weighted average <br />amortization period <br />Trade names 3 years 344,556$ <br />Less: Accumulated amortization 210,562 <br />Intangible assets, net 133,994$ <br /> Estimated amortization expense for the next two years is as follows: <br /> <br />Years Ending December 31: <br />2024 114,852$ <br />2025 19,142 <br />133,994$ <br />Amortization expense related to intangible assets was $114,852 for the year ended December <br />31, 2023. <br />