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Intangible Assets
6 Months Ended
Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

 

Below are summarized changes in intangible assets at January 31, 2021 and July 31, 2020:

 

Total amortization expense for the six months ended January 31, 2021 and 2020 was $436,715 and $189,714, respectively.

 

January 31, 2021  Gross Carrying Value   Accumulated Amortization   Net Carrying Amount 
NetSapiens - license, 10 years  $150,000   $(150,000)  $- 
Customer relationships, 5 years   40,000    (24,672)   15,328 
Customer relationships, 7 years   1,480,000    (593,219)   886,781 
Customer relationships 7 years   5,710,000    (142,750)   5,567,250 
Trademarks, 7 years   2,870,000    (71,750)   2,798,250 
Non-compete, 2 & 3 years   290,000    (32,500)   257,500 
Marketing & Non-compete, 5 years   800,000    (440,000)   360,000 
Total Define-lived Assets   11,340,000    (1,454,891)   9,885,109 
Goodwill, Indefinite   3,512,533    -    3,512,533 
Balance, January 31, 2021  $14,852,533   $(1,454,891)  $13,397,642 

 

July 31, 2020  Gross Carrying Value   Accumulated Amortization   Net Carrying Amount 
NetSapiens - license, 10 years  $150,000   $(150,000)  $- 
Customer relationships, 5 years   40,000    (20,672)   19,328 
Customer relationships, 7 years   1,480,000    (487,505)   992,495 
Marketing & Non-compete, 5 years   800,000    (360,000)   440,000 
Total Define-lived Assets   2,470,000    (1,018,177)   1,451,823 
Goodwill, Indefinite   810,353    -    810,353 
Balance, July 31, 2020  $3,280,353   $(1,018,177)  $2,262,176