Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	September 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		(844,300	)		177,600
Trade name		54,900		(54,900	)		-
	$	1,397,100	$	(941,700	)	$	455,400

	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 $8,100 for the three months ended September 30, 2020 and 2019, respectively. Amortization expense was $24,100 and $28,600 for the nine months ended September 30, 2020 and 2019, respectively.