| INTANGIBLE ASSETS |
NOTE 5 – INTANGIBLE ASSETS
Intangible assets were comprised of the following:
| |
|
March 31, 2018 |
|
| |
|
Gross carrying
amount |
|
|
Accumulated
amortization |
|
|
Net carrying
value |
|
| |
|
|
|
|
|
|
|
|
|
| Goodwill |
|
$ |
277,800 |
|
|
|
— |
|
|
$ |
277,800 |
|
| Customer list |
|
|
42,500 |
|
|
|
(42,500 |
) |
|
|
— |
|
| Technology |
|
|
1,090,500 |
|
|
|
(772,800 |
) |
|
|
317,700 |
|
| Trade name |
|
|
54,900 |
|
|
|
(54,900 |
) |
|
|
— |
|
| |
|
$ |
1,465,700 |
|
|
$ |
(870,200 |
) |
|
$ |
595,500 |
|
| |
|
December 31, 2017 |
|
| |
|
Gross carrying
amount |
|
|
Accumulated
amortization |
|
|
Net carrying
value |
|
| |
|
|
|
|
|
|
|
|
|
| Goodwill |
|
$ |
277,800 |
|
|
|
— |
|
|
$ |
277,800 |
|
| Customer list |
|
|
42,500 |
|
|
|
(42,500 |
) |
|
|
— |
|
| Technology |
|
|
1,090,500 |
|
|
|
(745,200 |
) |
|
|
345,300 |
|
| Trade name |
|
|
54,900 |
|
|
|
(54,900 |
) |
|
|
— |
|
| |
|
$ |
1,465,700 |
|
|
$ |
(842,600 |
) |
|
$ |
623,100 |
|
The estimated useful lives of the intangible
assets range from seven to ten years. Amortization expense was $27,600 and $25,100 for the three months ended March 31, 2018 and
2017, respectively.
|