Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.22.1
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 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:

 

   

December 31, 2021

   

December 31, 2020

   

Estimated Useful Lives

 

Proprietary developed software

  $ 390,082     $ 390,082     5 –7  

Intellectual property, customer list, and acquired contracts

    6,237,612       5,340,612     5 –15  

Total intangible assets

  $ 6,627,694     $ 5,730,694        

Less: accumulated amortization

    (3,135,460

)

    (2,604,358

)

     
    $ 3,492,234     $ 3,126,336        

 

Amortization expense related to the above intangible assets was $531,102 and $391,563, respectively, the years ended December 31, 2021 and 2020. There was no impairment of intangible assets for the years ended December 31, 2021 and 2020, respectively.

 

The Company expects future amortization expense to be the following:

 

   

Amortization

 
         

2022

  $ 502,621  

2023

    439,524  

2024

    439,492  

2025

    432,651  

2026

    418,069  

thereafter

    1,259,877  

Total

  $ 3,492,234