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Intangible Assets, Net
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

6. Intangible Assets, Net

 

At June 30, 2021, intangible assets consisted of the following:

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $119,000   $(15,867)  $103,133 
Customer contracts  5-8 years   1,242,000    (268,400)   973,600 
      $1,361,000   $(284,267)  $1,076,733 

 

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 and six months ended June 30, 2021 and June 30, 2020, amounted to $54,119 and $108,238, respectively, and $51,936 and $67,792, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

For the Twelve Months Ending June 30,  Amount 
2022  $216,475 
2023   216,475 
2024   216,475 
2025   212,108 
2026   137,608 
Thereafter   77,592 
 Intangible assets  $1,076,733