Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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

NOTE 6 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    September 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       (874,800 )     147,100  
Trade name     54,900       (54,900 )     -  
    $ 1,397,100     $ (972,200 )   $ 424,900  

 

    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 September 30, 2021, and 2020, respectively. Amortization expense was $22,400 and $24,100 for the nine months ended September 30, 2021, and 2020, respectively.