Intangible assets

12 Months Ended

Dec. 31, 2022

Intangible assets

Intangible assets

9. Intangible assets

The Company’s purchase transactions for Aerex and PERC identified certain intangible assets. The remaining intangible assets and their respective useful lives are as follows: non-compete agreements (3 and 5 years), trade names (15 years), and facility management contracts (6 years).

The costs and accumulated amortization for these assets were as follows:

	December 31,
	2022		2021
Cost
Non-compete agreements	$	530,000	$	530,000
Trade names		2,700,000		2,700,000
Facility management contracts		2,200,000		2,200,000
		5,430,000		5,430,000
Accumulated amortization
Non-compete agreements		(530,000)		(493,889)
Trade names		(920,000)		(740,000)
Facility management contracts		(1,161,112)		(794,445)
		(2,611,112)		(2,028,334)
Intangible assets, net	$	2,818,888	$	3,401,666

Amortization of intangible assets for each of the next five years and thereafter is expected to be as follows:

2023	$	546,667
2024		546,667
2025		485,554
2026		180,000
2027		180,000
Thereafter		880,000
	$	2,818,888

Amortization expense was $582,778 and $746,667 for the years ended December 31, 2022 and 2021, respectively.