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Intangible Assets, Net
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

5. Intangible Assets, Net

 

At March 31, 2023, intangible assets consisted of the following:

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(54,492)  $242,508 
Proprietary technology  10 years   861,000    (86,100)   774,900 
Customer relationships  5-15 years   4,091,000    (816,339)   3,274,661 
      $5,249,000   $(956,931)  $4,292,069 

 

At December 31, 2022, intangible assets consisted of the following:

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(47,067)  $249,933 
Proprietary technology  10 years   861,000    (64,575)   796,425 
Customer relationships  5-15 years   4,091,000    (717,712)   3,373,288 
      $5,249,000   $(829,354)  $4,419,646 

 

 

Amortization expense for the three months ended March 31, 2023 and 2022 amounted to $127,577 and $54,119, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

For the Twelve Months Ending March 31,  Amount 
2024  $510,308 
2025   510,308 
2026   473,125 
2027   326,108 
2028   324,410 
Thereafter   2,147,810 
Intangible assets  $4,292,069