Intangible Assets, Net (Other than Goodwill)

6 Months Ended

Jun. 30, 2022

Intangible Assets, Net (Other than Goodwill) [Abstract]

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 3 – INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

The Company’s intangible assets primarily consist of acquired and developed software that is being amortized over their estimated useful lives as indicated below. The following is a summary of activity related to intangible assets for the six months ended June 30 ,2022 (unaudited):

	Acquired and Developed Software			Patents			Total
Useful Lives		5 Years			10 years
Carrying Value at December 31, 2021	$	2,238,882		$	140,570		$	2,379,452
Additions		-			6,311			6,311
Amortization		(419,627	)		(7,994	)		(427,621	)
Carrying Value at June 30,2022	$	1,819,255		$	138,887		$	1,958,142

The following is a summary of intangible assets as of June 30, 2022 (unaudited):

	Acquired and Developed Software			Patents			Total
Cost	$	4,476,271		$	164,610		$	4,640,881
Accumulated amortization		(2,657,016	)		(25,723	)		(2,682,739	)
Carrying Value at June 30,2022	$	1,819,255		$	138,887		$	1,958,142

Amortization expense totaled $428,00 and $597,000, for the six months ended June 30, 2022, and 2021, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2022	$	427,855
2023		804,722
2024		580,409
2025		63,791
2026		16,456
2027		16,456
Thereafter		48,453
	$	1,958,142

There is no impairment indicator identified for impairment of the Company’s intangible assets and goodwill as of June 30, 2022.