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Intangible Assets, Net
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

5. Intangible Assets, Net

 

At June 30, 2022, intangible assets consisted of the following:

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(32,217)  $264,783 
Proprietary technology  10 years   861,000    (21,525)   839,475 
Customer relationships  5-15 years   4,091,000    (520,458)   3,570,542 
      $5,249,000   $(574,200)  $4,674,800 

 

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 relationships  5-8 years   1,242,000    (370,687)   871,313 
      $1,361,000   $(392,504)  $968,496 

 

 

Amortization expense for the three and six months ended June 30, 2022 and June 30, 2021, amounted to $127,577 and $181,696, respectively, and $54,119 and $108,238, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

      
For the Twelve Months Ending June 30,  Amount 
2023  $510,308 
2024   510,308 
2025   505,941 
2026   431,441 
2027   326,108 
Thereafter   2,390,694 
Intangible assets  $4,674,800