Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.23.2
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

 

    June 30, 2023  
    Gross carrying amount     Accumulated amortization     Impairment     Net carrying value  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
Goodwill   $ -     $ -     $ -     $ -  
Customer list     42,500       (42,500 )     -       -  
Technology     684,000       (664,700 )     -       19,300  
Trade name     54,900       (54,900 )     -       -  
    $ 781,400     $ (762,100 )   $               -     $ 19,300  

 

    December 31, 2022  
    Gross carrying amount     Accumulated amortization     Impairment     Net carrying value  
                         
Goodwill   $ 277,800     $ -     $ (277,800 )   $ -  
Customer list     42,500       (42,500 )     -       -  
Technology     875,900       (813,300 )     (41,900 )     20,700  
Trade name     54,900       (54,900 )     -       -  
    $ 1,251,100     $ (910,700 )   $ (319,700 )   $ 20,700  

 

The estimated useful lives of the intangible assets range from seven to twenty years. Amortization expense was $700 and $5,500 for the three months ended June 30, 2023, and 2022, respectively. Amortization expense was $1,400 and $11,100 for the six months ended June 30, 2023, and 2022, respectively.