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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

5. Intangible Assets, Net

 

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

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(76,767)  $220,233 
Proprietary technology  10 years   861,000    (150,675)   710,325 
Customer relationships  5-15 years   4,091,000    (1,112,220)   2,978,780 
      $5,249,000   $(1,339,662)  $3,909,338 

 

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 years ended December 31, 2023 and 2022, amounted to $510,308 and $436,850, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

For the Years Ending December 31,  Amount 
2024  $510,308 
2025   492,841 
2026   352,441 
2027   326,108 
2028   309,129 
Thereafter   1,918,511 
Intangible assets  $3,909,338