Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.20.1
Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 5 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    December 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       (820,200 )     201,700  
Trade name     54,900       (54,900 )     -  
    $ 1,397,100     $ (917,600 )   $ 479,500  

 

    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, included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $37,300 and $87,200 for the years ended December 31, 2019 and 2018, respectively.