GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

GOODWILL AND INTANGIBLE ASSETS [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 15 - GOODWILL AND INTANGIBLE ASSETS:

For the years ended December 31, 2020 and 2019, there was no impairment of goodwill and other intangible assets.

Following is a table that reflects changes in Goodwill:

Beginning balance January 1, 2020	$	5,872,690
Changes in foreign currency exchange rate		91,054
Balance at December 31, 2020	$	5,963,744

Intangible assets consist of the following at:

		December 31, 2020			December 31, 2019
	Weighted Average Remaining Life	Cost	Accumulated Amortization	Net Book Value	Cost	Accumulated Amortization	Net Book Value
Intellectual property	5	$1,638,699	$472,190	$1,166,509	$1,418,681	$299,232	$1,119,449
Developed technology	5	2,102,526	594,186	1,508,340	1,922,682	266,550	1,656,132
Customer contracts/relationships	6	1,323,424	423,093	900,331	1,325,521	270,902	1,054,619
Trade names	7	115,318	44,512	70,806	114,946	30,794	84,152
		$5,179,967	$1,533,981	$3,645,986	$4,781,830	$867,478	$3,914,352

Amortization expense for the year ended December 31, 2020 and 2019 was $588,962 and $515,263, respectively, and is recorded within COGS, R&D and Selling, General and Administrative expenses. Amortization expense, subject to changes in currency exchange rates, is expected to be approximately $617,000 per year from 2021 through 2025, and total $561,000 million for all of the years thereafter.