Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.21.2
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    June 30, 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       (868,400 )     153,500  
Trade name     54,900       (54,900 )     -  
    $ 1,397,100     $ (965,800 )   $ 431,300  

 

    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 $9,700 and $8,000 for the three months ended June 30, 2021, and 2020, respectively. Amortization expense was $16,100 for both six months ended June 30, 2021, and 2020.