GOODWILL, LONG-LIVED ASSETS and INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2021

GOODWILL, LONG-LIVED ASSETS and INTANGIBLE ASSETS [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 11 — GOODWILL, LONG-LIVED ASSETS and INTANGIBLE ASSETS:

The following table reflects changes in goodwill:

Beginning balance at December 31, 2020	$	5,963,744
Change in foreign currency exchange rate		(289,612	)
Balance at September 30, 2021	$	5,674,132

Intangible assets consisted of the following at:

			September 30, 2021						December 31, 2020
	Weighted Average Remaining Useful Life		Cost		Accumulated Amortization		Net Book Value		Cost		Accumulated Amortization		Net Book Value
Intellectual property		7	$	779,848	$	173,650	$	606,198	$	1,638,699	$	472,190	$	1,166,509
Developed technology		4		1,986,811		775,405		1,211,406		2,102,526		594,186		1,508,340
Customer contracts/relationships		6		516,464		155,882		360,582		1,323,424		423,093		900,331
Trade names		6		3,875		3,875		-		115,318		44,512		70,806
			$	3,286,998	$	1,108,812	$	2,178,186	$	5,179,967	$	1,533,981	$	3,645,986

Intellectual property, developed technology, customer contracts/relationships and trade names are amortized over 10, 7, 10 and 11 years, respectively. Amortization expense for the nine months ended September 30, 2021 and 2020 was $373,784 and $287,253, respectively. Amortization expense, subject to changes in currency exchange rates, is expected to average $358,771 per year from 2021 through 2025, and total $384,745 for all of the years thereafter.

Effective May 2021, the Company permanently discontinued its operations in Malaysia. Impairment charges relating to intangible assets recorded during the three and nine months ended September 30, 2021 were $0 and $1.0 million, respectively as follows: intellectual property ($0.5 million), customer contracts/relationship ($0.4 million), and trade names ($0.1 million).