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Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Net |
7. | Intangible Assets, Net
At December 31, 2020, intangible assets consisted of the following:
|  | Estimated |  |  |  |  | Accumulated |  |  |  |
|  | Useful Life |  | Costs |  |  | Amortization |  |  | Net |
Trade names |  | 10 years |  | $ | 119,000 |  |  | $ | (9,917 | ) |  | $ | 109,083 |
Customer contracts |  | 5-8 years |  |  | 1,242,000 |  |  |  | (166,112 | ) |  |  | 1,075,888 |
|  |  |  | $ | 1,361,000 |  |  | $ | (176,029 | ) |  | $ | 1,184,971 |
Amortization expense for the twelve months ended December 31, 2020, amounted to $176,029, respectively. The following table represents future amortization expense for intangible assets subject to amortization.
For the Twelve Months Ending December 31, |  | Amount |
2021 |  | $ | 216,475 |
2022 |  |  | 216,475 |
2023 |  |  | 216,475 |
2024 |  |  | 216,475 |
2025 |  |  | 199,008 |
Thereafter |  |  | 120,063 |
|  | $ | 1,184,971 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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