NOTE 5 - INTANGIBLE ASSETS
|6 Months Ended|
Jun. 30, 2018
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Goodwill and Intangible Assets Disclosure [Text Block]||
NOTE 5 – INTANGIBLE ASSETS
Intangible assets consist of proprietary developed software, intellectual property, customer lists and acquired contracts carried at cost less accumulated amortization and customer lists acquired at fair value less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives.
The components of intangible assets are as follows:
Amortization expense included in depreciation and amortization expense was $97,437 and $168,933 for the three and six months ended June 30, 2018 respectively as compared to $91,036 and $202,886 for the three and six months ended June 30, 2017. Included in proprietary developed software is $1,037,104 for the six months ended June 30, 2018 and $707,118 for the year ended December 31, 2017 not yet in service. The Company expects the proprietary developed software to be placed in service in 2018, and has included the amortization in the future amortization schedule accordingly.
The Company expects future amortization expense to be the following:
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef