INTANGIBLE ASSETS, NET

Components of intangible assets (subject to amortization) consist of the following items:



		December 31, 2019						December 31, 2018
	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relations	5-8	$	1,329,580	$	884,917	$	444,663	$	1,329,580	$	718,890	$	610,690
Vendor relations	10	6,654,497		4,197,213		2,457,284		6,654,497		3,531,764		3,122,733
Trademark/Trade name	6-16	1,249,887		531,885		718,002		1,249,887		436,869		813,018
TCEP Technology/Patent	15	13,287,000		6,180,643		7,106,357		13,287,000		5,294,843		7,992,157
Non-compete agreements	3-5	196,601		168,200		28,401		196,601		156,680		39,921
Internally developed software in progress	3-5	489,093		—		489,093		—		—		—
		$	23,206,658	$	11,962,858	$	11,243,800	$	22,717,565	$	10,139,046	$	12,578,519

Intangible assets are amortized on a straight-line basis. We continually evaluate the amortization period and carrying basis of intangible assets to determine whether subsequent events and circumstances warrant a revised estimated useful life or reduction in value. Certain internally developed software is expected to be completed and put into service in the second quarter of 2020.

Total amortization expense of intangibles was $1,823,812 and $1,818,854 for the years ended December 31, 2019 and 2018, respectively.

Estimated future amortization expense is as follows:



2020	$	1,921,630
2021	1,921,630
2022	1,706,702
2023	1,349,318
2024	1,292,875
Thereafter	3,051,645
	$	11,243,800

We analyzed the goodwill on the books relating to the prior acquisition of Nickco Recycling, Inc. ("Nickco") as of December 31, 2018 to determine whether the amount should be impaired at year end. Nickco was purchased with anticipated EBITDA to be in excess of $700,000 with the synergies of the two companies. The EBITDA for the first 12 months after acquisition of Nickco was well below the expected EBITDA. The earnout target for the seller of the business during the initial 12 months was a range between $392,000 and $567,000; and the achieved results of $334,000 did not meet the lower end of the threshold. Our budgeted target EBITDA for 2018 at this segment was $461,000 of EBITDA, and the results came in over $1 million short of the target. There were some circumstances around the operations and downtime that impacted these results. Based on the above financial performance, the Company impaired the remaining goodwill and recognized a $176,349 goodwill impairment in 2018, which is included in selling, administrative and general expenses and thus eliminated the goodwill balance in our Recovery segment.