Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.21.2
INTANGIBLE ASSETS
9 Months Ended
Sep. 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:

 

   

September 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

    (2,992,382

)

    (2,604,358

)

     
    $ 3,563,953     $ 3,126,336        

 

Amortization expense related to the above intangible assets for the three and nine months ended September 30, 2021 was $132,285 and $388,024, respectively, as compared to $104,211 and $288,157 for the three and nine months ended September 30, 2020.

 

The Company expects future amortization expense to be the following:

 

   

Amortization

 

Remainder of 2021

 

$

136,282

 

2022

   

492,427

 

2023

   

429,314

 

2024

   

429,314

 

2025

   

422,457

 

2026

   

407,875

 

Thereafter

   

1,246,284

 
         

Total

 

$

3,563,953