Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.21.2
INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2021
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:

 

   

June 30, 2021

   

December 31, 2020

   

Estimated

Useful Lives

 

Proprietary developed software

  $ 390,082     $ 390,082     5 –7  

Intellectual property, customer list, and acquired contracts

    6,166,253       5,340,612     5 –15  

Total intangible assets

  $ 6,556,335     $ 5,730,694        

Less: accumulated amortization

    (2,856,097

)

    (2,604,358

)

     
    $ 3,700,238     $ 3,126,336        

 

Amortization expense related to the above intangible assets for the three and six months ended June 30, 2021 was $131,502 and $251,739, respectively, as compared to $91,974 and $183,946 for the three and six months ended June 30, 2020.

 

The Company expects future amortization expense to be the following:

 

   

Amortization

 

Remainder of 2021

  $ 276,142  

2022

    492,427  

2023

    429,314  

2024

    429,314  

2025

    422,457  

2026

    407,875  

Thereafter

    1,242,709  
         

Total

  $ 3,700,238