Intangible Assets

3 Months Ended

Oct. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

Below are summarized changes in intangible assets at October 31, 2019 and July 31, 2019:

	Gross Carrying		Accumulated			Net Carrying
October 31, 2019	Value		Amortization			Amount
NetSapiens - license, 10 years	$	150,000	$	(150,000	)	$	-
Customer relationships, 5 years		40,000		(14,672	)		25,328
Customer relationships, 7 years		1,480,000		(328,934	)		1,151,066
Marketing & Non-compete, 5 years		800,000		(240,000	)		560,000
Total Define-lived Assets		2,470,000		(733,606	)		1,736,394
Goodwill, Indefinite		810,353		-			810,353
Balance, October 31, 2019	$	3,280,353	$	(733,606	)	$	2,546,748

	Gross Carrying		Accumulated			Net Carrying
July 31, 2019	Value		Amortization			Amount
NetSapiens - license, 10 years	$	150,000	$	(150,000	)	$	-
Customer relationships, 5 years		40,000		(12,672	)		27,328
Customer relationships, 7 years		1,480,000		(276,077	)		1,203,923
Marketing & Non-compete, 5 years		800,000		(200,000	)		600,000
Total Define-lived Assets		2,470,000		(638,749	)		1,831,251
Goodwill, Indefinite		810,353		-			810,353
Balance, July 31, 2019	$	3,280,353	$	(638,749	)	$	2,641,605

Total amortization expense for the three months ended October 31, 2019 and 2018 was approximately $94,857 and $94,857, respectively.