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INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

9. INTANGIBLE ASSETS, NET

 

At June 30, 2025 and December 31, 2024, intangible assets consisted of:

             
   Useful Life  June 30, 2025   December 31, 2024 
Definite lived intangible assets:             
Customer list  10 years  $1,290,000   $1,290,000 
Trade names  12 years   1,030,000    1,030,000 
Developed technology  7 years   -    60,000 
       2,320,000    2,380,000 
Accumulated amortization      (668,000)   (536,000)
Total definite-lived intangible assets     $1,652,000   $1,844,000 

 

Certain of 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.

 

Summary of amortization expense:

                
   For the Three Months Ended   For the Six Months Ended 
   June 30,   June 30, 
   2025   2024   2025   2024 
Amortization expense  $66,000   $53,000   $192,000   $107,000 

 

As of June 30, 2025, intangible assets subject to amortization have an average remaining useful life of 6.6 years. The following table presents estimated amortization expense for each of the succeeding five calendar years and thereafter.

     
2025 (remainder)  $132,000 
2026   264,000 
2027   264,000 
2028   264,000 
2029   264,000 
Thereafter   464,000 
   $1,652,000