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INTANGIBLE ASSETS, NET | 9 Months Ended
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Sep. 30, 2022
INTANGIBLE ASSETS, NET [Abstract] |
INTANGIBLE ASSETS, NET |
Note 8 | INTANGIBLE ASSETS, NET
The following tables summarize the Company’s intangible assets as of September 30, 2022 and December 31, 2021:
|  | Estimated Useful Life (Years) |  |  | Gross Carrying Amount at December 31, 2021 |  |  | Accumulated Amortization |  |  | Net Book Value at September 30, 2022 |
Customer Relationships |  |  | 5 |  |  | $ | 5,269,000 |  |  | $ | (1,663,834 | ) |  | $ | 3,605,166 |
Software Technology |  |  | 2 |  |  |  | 1,170,000 |  |  |  | (923,060 | ) |  |  | 246,940 |
Software Technology |  |  | 7 |  |  |  | 4,109,000 |  |  |  | (926,273 | ) |  |  | 3,182,727 |
Tradenames and Trademarks |  |  | 8 |  |  |  | 386,000 |  |  |  | (76,156 | ) |  |  | 309,844 |
|  |  |  |  |  | $ | 10,934,000 |  |  | $ | (3,589,323 | ) |  | $ | 7,344,677 |
|  | Estimated Useful Life (Years) |  |  | Gross Carrying Amount at March 2, 2021 |  |  | Accumulated Amortization |  |  | Net Book Value at December 31, 2021 |
Customer Relationships |  |  | 5 |  |  | $ | 5,269,000 |  |  | $ | (872,501 | ) |  | $ | 4,396,499 |
Software Technology |  |  | 2 |  |  |  | 1,170,000 |  |  |  | (484,355 | ) |  |  | 685,645 |
Software Technology |  |  | 7 |  |  |  | 4,109,000 |  |  |  | (486,011 | ) |  |  | 3,622,989 |
Tradenames and Trademarks |  |  | 8 |  |  |  | 386,000 |  |  |  | (39,949 | ) |  |  | 346,051 |
|  |  |  |  |  | $ | 10,934,000 |  |  | $ | (1,882,816 | ) |  | $ | 9,051,184 |
The Company uses the straight-line method to determine the amortization expense for its definite lived intangible assets. Amortization expense related to the purchased intangible assets was $568,836 and $1,706,507 for the three and nine months ended September 30, 2022, respectively, and $567,212 and $1,311,298 for the three and nine months ended September 30, 2021, respectively. The estimated future amortization expense for the next five years and thereafter is as follows:
Years Ending December 31, |  | Future amortization expense |
2022 (Remaining) |  | $ | 567,543 |
2023 |  |  | 1,789,695 |
2024 |  |  | 1,689,050 |
2025 |  |  | 1,689,050 |
2026 |  |  | 816,549 |
Thereafter |  |  | 792,790 |
Total |  | $ | 7,344,677 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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