INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 6 — INTANGIBLE ASSETS

Intangible assets activity for the two years ended December 31, 2022 is summarized as follows:

	Total
Balance at December 31, 2020	$	27,217
Amortization		(4,600	)
Balance at December 31, 2021		22,617
Amortization		(4,600	)
Balance at December 31, 2022	$	18,017

The Company’s intangible assets at December 31, 2022 and 2021 consist of long-term customer relationships acquired as part of the 2006 purchase of Maritrans, Inc. The gross intangible assets were $92,000 at December 31, 2022 and 2021. The unamortized balance of the Company’s intangible assets at December 31, 2022 will be recognized over the remaining useful life, which is four years. Amortization of intangible assets for the four years subsequent to December 31, 2022 is expected to approximate $4,600 per year.