Intangible Assets, Net (Other than Goodwill)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 5 – INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

The Company’s intangible assets consist primarily of acquired and developed software as well as intellectual property acquired from previous acquisitions and are amortized over their estimated useful lives as indicated below. The following is a summary of activity related to intangible assets for the nine months ended September 30, 2021:

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Patents			Total
Useful Lives		10 Years			5 Years			10 Years			-
Carrying Value at December 31, 2020	$	811,303		$	3,171,394		$	416,471		$	128,308		$	4,527,476
Additions		-			-			-			23,702			23,702
Amortization		(122,645	)		(699,442	)		(61,018	)		(10,504	)		(893,609	)
Carrying Value at September 30, 2021	$	688,658		$	2,471,952		$	355,453		$	141,506		$	3,657,569

The following is a summary of intangible assets as of September 30, 2021

	Customer Relationships			Acquired and Developed Software			Intellectual Property			Patents			Total
Cost	$	1,587,159		$	4,476,273		$	828,577		$	155,297		$	7,047,306
Accumulated amortization		(898,501	)		(2,004,321	)		(473,124	)		(13,791	)		(3,389,737	)
Carrying Value at September 30, 2021	$	688,658		$	2,471,952		$	355,453		$	141,506		$	3,657,569

Amortization expense totaled approximately $894,000 and $883,000 for the nine months ended September 30, 2021 and 2020, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2021	$	297,060
2022		1,094,905
2023		1,043,916
2024		819,604
2025		302,986
Thereafter		99,098
	$	3,657,569