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Intangible Assets, Net
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

5. Intangible Assets, Net

 

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

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(39,642)  $257,358 
Proprietary technology  10 years   861,000    (43,050)   817,950 
Customer relationships  5-15 years   4,091,000    (619,085)   3,471,915 
      $5,249,000   $(701,777)  $4,547,223 

 

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 nine months ended September 30, 2022 and 2021, amounted to $127,577 and $309,273, respectively, and $54,119 and $162,356, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

For the Twelve Months Ending September 30,  Amount 
2023  $510,308 
2024   510,308 
2025   499,391 
2026   391,941 
2027   326,108 
Thereafter   2,309,167 
Intangible assets  $4,547,223