Intangible Assets, Net (Other than Goodwill)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 (unaudited):

	Acquired and Developed Software			Patents			Total
Useful Lives		5 Years			10 years
Carrying Value at December 31, 2021	$	2,238,881		$	140,570		$	2,379,451
Additions		-			6,311			6,311
Amortization		(629,511	)		(12,108	)		(641,619	)
Carrying Value at September 30, 2022	$	1,609,370		$	134,773		$	1,744,143

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

	Acquired and Developed Software			Patents			Total
Cost	$	4,476,271		$	164,614		$	4,640,885
Accumulated amortization		(2,866,901	)		(29,841	)		(2,896,742	)
Carrying Value at September 30, 2022	$	1,609,370		$	134,773		$	1,744,143

Amortization expense totaled approximately $642,000 and $894,000 for the nine months ended September 30, 2022, and 2021, respectively.

Future expected amortization of intangible assets is as follows:

Fiscal Year Ending December 31,
Remainder of 2022	$	213,928
2023		804,722
2024		580,408
2025		63,792
2026		16,456
2027		16,456
Thereafter		48,381
	$	1,744,143

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