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Intangible Assets, Net | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Net |
6. | Intangible Assets, Net
At March 31, 2021, intangible assets consisted of the following:
|  | Estimated |  |  |  |  | Accumulated |  |  |  |
|  | Useful Life |  | Costs |  |  | Amortization |  |  | Net |
Trade names |  | 10 years |  | $ | 119,000 |  |  | $ | (12,892 | ) |  | $ | 106,108 |
Customer contracts |  | 5-8 years |  |  | 1,242,000 |  |  |  | (217,256 | ) |  |  | 1,024,744 |
|  |  |  | $ | 1,361,000 |  |  | $ | (230,148 | ) |  | $ | 1,130,852 |
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 three months ended March 31, 2021 and December 31, 2020, amounted to $54,119 and $15,856, respectively. The following table represents future amortization expense for intangible assets subject to amortization.
For the Twelve Months Ending March 31, |  | Amount |
2022 |  | $ | 216,475 |
2023 |  |  | 216,475 |
2024 |  |  | 216,475 |
2025 |  |  | 216,475 |
2026 |  |  | 179,292 |
Thereafter |  |  | 85,660 |
|  | $ | 1,130,852 |

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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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