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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

6. Intangible Assets, Net

 

At December 31, 2021, intangible assets consisted of the following:

 

   Estimated       Accumulated     
   Useful Life   Costs   Amortization   Net 
Trade names   10 years   $119,000   $(21,817)  $97,183 
Customer contracts   5-8 years    1,242,000    (370,687)   871,313 
        $1,361,000   $(392,504)  $968,496 

 

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 years ended December 31, 2021 and 2020, amounted to $216,475 and $176,029, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

For the Years Ending December 31,  Amount 
2022  $216,475 
2023   216,475 
2024   216,475 
2025   199,008 
2026   58,608 
Thereafter   61,455 
Intangible assets  $968,496