Intangible Assets, Net |
Intangible assets, net are as follows:
March 31, 2020 | | Useful Lives (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Trade names | | | 8-10 years | | $ | 993,000 | | $ | (379,671) | | $ | 613,329 | Customer relationships | | | 4-10 years | | | 1,228,000 | | | (356,323) | | | 871,677 | Patents | | | 10 years | | | 359,665 | | | (58,667) | | | 300,998 | Non-compete | | | 4 years | | | 174,000 | | | (56,188) | | | 117,812 | Intangible assets, net | | | | | $ | 2,754,665 | | $ | (850,849) | | $ | 1,903,816 |
December 31, 2019 | | Useful Lives (Years) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | Trade names | | | 8-10 years | | | 993,000 | | | (354,203) | | | 638,797 | Customer relationships | | | 4-10 years | | | 1,228,000 | | | (293,260) | | | 934,740 | Patents | | | 10 years | | | 270,250 | | | (49,027) | | | 221,223 | Non-compete | | | 4 years | | | 174,000 | | | (45,313) | | | 128,687 | Intangible assets, net | | | | | $ | 2,665,250 | | $ | (741,803) | | $ | 1,923,447 |
|
Future Annual Estimated Amortization Expense |
Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to approximately $0.1 million and $0.1 million for the three months ended March 31, 2020 and 2019, respectively. Future annual estimated amortization expense is as follows:
Years ending December 31, | | | 2020 (remaining nine months) | $ | 325,193 | 2021 | | 426,591 | 2022 | | 411,206 | 2023 | | 172,341 | 2024 | | 172,341 | Thereafter | | 396,144 | Total | $ | 1,903,816 |
|