Intangible Assets, Net

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Note 4 – Intangible Assets, Net

The following are the intangible assets at June 30, 2019 and December 31, 2018:

	June 30,			December 31,
	2019			2018
Technology	$	1,240,000		$	1,240,000
Tradename		820,000			820,000
Customer relationships		1,490,000			1,490,000
		3,550,000			3,550,000
Less accumulated amortization		(637,792	)		(400,260	)
Intangible assets, net	$	2,912,208		$	3,149,740

Intangible assets are being amortized as follows: Technology – 60 months; and Tradename and Customer relationships – 120 months.

Amortization expense for the six months ended June 30, 2019 and 2018 was $237,532 and $549,971, respectively.

During 2018, the Company determined that the intangible assets associated with the acquisition of certain RWJ assets was impaired and took a charge to earnings of $5,916,667. 

The estimated future amortization expense related to intangible assets is as follows:

Twelve months ending June 30,
	2020	$	479,000
	2021		479,000
	2022		479,000
	2023		479,000
	2024		479,000
	Thereafter		517,208
		$	2,912,208