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INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

8. INTANGIBLE ASSETS, NET

At December 31, 2020 and 2019 intangible assets consist of:

		December 31,				December 31,
		2020				2019
Trade name and trademark		$	1,551,197			$	1,039,307
Customer relationships			3,441,654				2,406,434
Domain name and other intangible assets			689,920				641,809
			5,682,771				4,087,550
Accumulated depreciation and amortization			(1,292,383	)			(880,562	)
Intangible assets, net		$	4,390,388			$	3,206,988

The Company’s trade names and trademarks were determined to have an indefinite life. The remaining definite lived intangible assets are primarily being amortized on a straight-line basis over their estimated useful lives. Amortization expense was $335,776 and $502,656, respectively, for the years ended December 31, 2020 and 2019.

The customer relationships are subject to amortization over their estimated useful lives, which range between 3 and 14 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.

2021			$	369,790
2022				318,793
2023				318,793
2024				318,793
2025				318,793
Thereafter				1,194,229
			$	2,839,191

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- References

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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