| Intangible Assets, Net |
Intangible assets, net are as follows:
|
September 30, 2022
|
Useful Lives (Years)
|
|
Gross
Carrying Amount
|
|
|
Accumulated
Amortization
|
|
|
Net
Carrying Amount
|
|
|
Trade names / Trademarks
|
8-10 years
|
|
$
|
1,436,000
|
|
|
$
|
(650,568
|
)
|
|
$
|
785,432
|
|
|
Customer relationships
|
4-5 years
|
|
|
1,566,000
|
|
|
|
(916,024
|
)
|
|
|
649,976
|
|
|
Patents
|
10 years
|
|
|
372,165
|
|
|
|
(150,145
|
)
|
|
|
222,020
|
|
|
Non-compete
|
4-5 years
|
|
|
651,000
|
|
|
|
(233,338
|
)
|
|
|
417,662
|
|
|
Website
|
4 years
|
|
|
10,000
|
|
|
|
(2,083
|
)
|
|
|
7,917
|
|
|
Intangible assets, net
|
|
|
$
|
4,035,165
|
|
|
$
|
(1,952,158
|
)
|
|
$
|
2,083,007
|
|
|
December 31, 2021
|
Useful Lives (Years)
|
|
Gross
Carrying Amount
|
|
|
Accumulated
Amortization
|
|
|
Net
Carrying Amount
|
|
|
Trade names / Trademarks
|
8-10 years
|
|
$
|
923,000
|
|
|
|
(536,661
|
)
|
|
$
|
386,339
|
|
|
Customer relationships
|
4-5 years
|
|
|
883,000
|
|
|
|
(685,823
|
)
|
|
|
197,177
|
|
|
Patents
|
10 years
|
|
|
372,165
|
|
|
|
(122,233
|
)
|
|
|
249,932
|
|
|
Non-compete
|
4 years
|
|
|
238,000
|
|
|
|
(133,646
|
)
|
|
|
104,354
|
|
|
Website
|
4 years
|
|
|
10,000
|
|
|
|
(209
|
)
|
|
|
9,791
|
|
|
Intangible assets, net
|
|
|
$
|
2,426,165
|
|
|
$
|
(1,478,572
|
)
|
|
$
|
947,593
|
|
|
| Future Annual Estimated Amortization Expense |
Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense was approximately $165,101 and $95,335 for the three months ended September 30, 2022 and 2021, and $473,587 and $290,381 for the nine months ended September 30, 2022 and 2021, respectively.
Future annual estimated amortization expense is as follows:
|
Years ending December 31,
|
|
|
|
|
2022 (remaining three months)
|
|
$
|
154,715
|
|
|
2023
|
|
|
411,149
|
|
|
2024
|
|
|
411,149
|
|
|
2025
|
|
|
404,107
|
|
|
2026
|
|
|
309,214
|
|
|
Thereafter
|
|
|
392,673
|
|
|
Total
|
|
$
|
2,083,007
|
|
|