Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.19.1
INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    March 31, 2019  
   

Gross carrying

amount

   

Accumulated

amortization 

   

Net carrying 

value 

 
                   
Goodwill   $ 277,800           $ 277,800  
Customer list     42,500       (42,500 )      
Technology     1,021,900       (794,500 )     227,400  
Trade name     54,900       (54,900 )      
    $ 1,397,100     $ (891,900 )   $ 505,200  

 

    December 31, 2018  
   

Gross carrying 

amount

   

Accumulated

amortization

   

Net carrying 

value 

 
                   
Goodwill   $ 277,800           $ 277,800  
Customer list     42,500       (42,500 )      
Technology     1,021,900       (782,900 )     239,000  
Trade name     54,900       (54,900 )      
    $ 1,397,100     $ (880,300 )   $ 516,800  

 

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $11,700 and $27,600 for the three months ended March 31, 2019 and 2018, respectively.