Acquisition and Intangible Assets

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Acquisitions and Intangible Assets

The Company holds several patents for the real-time calculation of shipping costs for items purchased through online auctions using a zip code as a destination location indicator. It includes shipping charge calculations across multiple carriers and accounts for additional characteristics of the item being shipped, such as weight, special packaging or handling, and insurance costs. These patents help facilitate rapid and accurate estimation of shipping costs across multiple shipping carriers and also include real-time calculation of shipping.

In addition, the Company has various other intangibles from past business combinations.

At June 30, 2020 and December 31, 2019, intangible assets consisted of the following:

	June 30, 2020			December 31, 2019
Patents	$	16,000		$	16,000
Software		83,750			83,750
Trade name		786,809			826,098
Technology		502,491			527,583
Client list / relationship		4,630,543			4,851,093
Accumulated amortization		(2,389,478	)		(2,255,952	)
	$	3,630,115		$	4,048,572

Amortization expense of intangible assets for the three months ended June 30, 2020 and 2019 was $110,893 and $110,418, respectively, and for the six months ended June 30, 2020 and 2019 amortization expense was $225,436 and $230,545, respectively.