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INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 31, 2020
INTANGIBLE ASSETS [Abstract]  
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