INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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 intangible assets from past business combinations.

At December 31 2020, intangible assets consisted of the following:

	Patents			Trade Name			Technology & Software			Customer Relationships			Total
Gross carrying amount	$	16,000		$	839,816		$	620,094		$	4,928,102		$	6,404,012
Accumulated amortization		(16,000	)		(668,929	)		(620,094	)		(1,465,569	)		(2,770,592	)
	$	-		$	170,887		$	-		$	3,462,533		$	3,633,420

                At December 31, 2019, intangible assets consisted of the following:

	Patents			Trade Name			Technology & Software			Customer Relationships			Total
Gross carrying amount	$	16,000		$	826,098		$	611,333		$	4,851,093		$	6,304,524
Accumulated amortization		(16,000	)		(492,783	)		(611,333	)		(1,135,836	)		(2,255,952	)
	$	-		$	333,315		$	-		$	3,715,257		$	4,048,572

Amortization expense of intangible assets for the years ended December 31, 2020 and 2019 was $458,915 and $463,436, respectively.

Amortization of intangible assets for the next five years ending December 31 are as follows:

Year Ended December 31,
2021		482,236
2022		314,279
2023		314,279
2024		314,279
2025		314,279
Total 5 year amortization	$	1,739,352