Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	September 30, 2019
	Gross carrying amount		Accumulated amortization			Net carrying value
Goodwill	$	277,800	$	-		$	277,800
Customer list		42,500		(42,500	)		-
Technology		1,021,900		(811,400	)		210,500
Trade name		54,900		(54,900	)		-
	$	1,397,100	$	(908,800	)	$	488,300

	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 $8,100 and $24,800 for the three months ended September 30, 2019 and 2018, respectively. Amortization expense was $28,600 and $77,700 for the nine months ended September 30, 2019 and 2018, respectively.