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Software Development Costs
3 Months Ended
Mar. 31, 2022
Software Development Costs [Abstract]  
Software Development Costs 4. Software Development Costs

 

The Company has capitalized certain costs for software developed or obtained for internal use during the application development stage as it relates to specific contracts. The amounts capitalized include external direct costs of services used in developing internal-use software and for payroll and payroll-related costs of employees directly associated with the development activities

 

The following table presents details of our software development costs as of March 31, 2022 and December 31, 2021:

 

Balance at

December 31,

2021

Additions

Amortization

Balance at

March 31,

2022

Software Development Costs

$

347,796

$

$

(73,289)

$

274,507

$

347,796

$

$

(73,289)

$

274,507

 

Software development costs are being amortized on a straight-line basis over their estimated useful life of two years.

 

Amortization expense for software development costs was $73,289 and $99,209 for the three months ended March 31, 2022 and 2021, respectively.

The estimated future amortization expense of software development costs as of March 31, 2022 is as follows:

 

Year ending December 31,

Amount

2022

$

182,021

2023

92,161

2024

325

2025

2026

Thereafter

Total

$

274,507