Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 5 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    June 30, 2020  
    Gross carrying amount     Accumulated amortization     Net carrying value  
                   
Goodwill   $ 277,800     $ -     $ 277,800  
Customer list     42,500       (42,500 )     -  
Technology     1,021,900       (836,300 )     185,600  
Trade name     54,900       (54,900 )     -  
    $ 1,397,100     $ (933,700 )   $ 463,400  

 

    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 $8,800 for the three months ended June 30, 2020 and 2019, respectively. The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $16,100 and $20,400 for the three months ended June 30, 2020 and 2019, respectively.