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Intangible Assets, Net
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

5. Intangible Assets, Net

 

At June 30, 2023, intangible assets consisted of the following:

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(61,917)  $235,083 
Proprietary technology  10 years   861,000    (107,625)   753,375 
Customer relationships  5-15 years   4,091,000    (914,966)   3,176,034 
      $5,249,000   $(1,084,508)  $4,164,492 

 

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 and six months ended June 30, 2023 and June 30, 2022, amounted to $127,577 and $255,154, respectively, and $127,577 and $181,696, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

For the Twelve Months Ending June 30,  Amount 
2024  $510,308 
2025   505,941 
2026   431,441 
2027   326,108 
2028   319,316 
Thereafter   2,071,378 
Intangible assets  $4,164,492