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Intangible Assets, Net
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

4. Intangible Assets, Net

 

At June 30, 2024, intangible assets consisted of the following:

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(91,617)  $205,383 
Proprietary technology  10 years   861,000    (193,725)   667,275 
Customer relationships  5-15 years   4,091,000    (1,309,475)   2,781,525 
      $5,249,000   $(1,594,817)  $3,654,183 

 

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 

 

Amortization expense for the three and six months ended June 30, 2024 and June 30, 2023, amounted to $127,578 and $255,155, respectively, and $127,577 and $255,154, respectively. The following table represents future amortization expense for intangible assets subject to amortization.

 

Schedule of Amortization Expense for Intangible Assets

For the Twelve Months Ending June 30,  Amount 
2024  $505,941 
2025   431,441 
2026   326,108 
2027   319,316 
2028   305,733 
Thereafter   1,765,644 
Intangible assets  $3,654,183