| Intangible Assets |
NOTE 5 – INTANGIBLE ASSETS
Intangible assets were comprised of the following:
| |
|
March 31, 2020 |
|
| |
|
Gross carrying amount |
|
|
Accumulated amortization |
|
|
Net carrying value |
|
| |
|
|
|
|
|
|
|
|
|
| Goodwill |
|
$ |
277,800 |
|
|
$ |
- |
|
|
$ |
277,800 |
|
| Customer list |
|
|
42,500 |
|
|
|
(42,500 |
) |
|
|
- |
|
| Technology |
|
|
1,021,900 |
|
|
|
(828,300 |
) |
|
|
193,600 |
|
| Trade name |
|
|
54,900 |
|
|
|
(54,900 |
) |
|
|
- |
|
| |
|
$ |
1,397,100 |
|
|
$ |
(925,700 |
) |
|
$ |
471,400 |
|
| |
|
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 |
|
The estimated useful lives of the intangible
assets range from seven to ten years. Amortization expense was $8,000 and $11,700 for the three months ended March 31, 2020 and
2019, respectively.
|