| Intangible Assets |
NOTE 6 – INTANGIBLE ASSETS
Intangible assets were comprised of the following:
| |
|
March 31, 2021 (Unaudited) |
|
| |
|
Gross carrying amount |
|
|
Accumulated amortization |
|
|
Net carrying value |
|
| |
|
|
|
|
|
|
|
|
|
| Goodwill |
|
$ |
277,800 |
|
|
$ |
- |
|
|
$ |
277,800 |
|
| Customer list |
|
|
42,500 |
|
|
|
(42,500 |
) |
|
|
- |
|
| Technology |
|
|
1,021,900 |
|
|
|
(860,400 |
) |
|
|
161,500 |
|
| Trade name |
|
|
54,900 |
|
|
|
(54,900 |
) |
|
|
- |
|
| |
|
$ |
1,397,100 |
|
|
$ |
(957,800 |
) |
|
$ |
439,300 |
|
| |
|
December 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 |
|
|
|
(852,400 |
) |
|
|
169,500 |
|
| Trade name |
|
|
54,900 |
|
|
|
(54,900 |
) |
|
|
- |
|
| |
|
$ |
1,397,100 |
|
|
$ |
(949,800 |
) |
|
$ |
447,300 |
|
The estimated useful lives of the intangible assets
range from seven to ten years. Amortization expense was $6,400 and $8,000 for the three months ended March 31, 2021 and 2020, respectively.
|