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Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

4. Intangible Assets

 

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

 

   Estimated      Accumulated     
   Useful Life  Costs   Amortization   Net 
Trade names  10 years  $297,000   $(99,042)  $197,958 
Proprietary technology  10 years   861,000    (215,250)   645,750 
Customer relationships  5-15 years   4,091,000    (1,408,102)   2,682,898 
      $5,249,000   $(1,722,394)  $3,526,606 

 

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 nine months ended September 30, 2024 and September 30, 2023, amounted to $127,577 and $382,732, respectively, and $127,577 and $382,731, 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 September 30,  Amount 
2025  $499,391 
2026   391,941 
2027   326,108 
2028   314,223 
2029   305,733 
Thereafter   1,689,210 
Intangible assets  $3,526,606