Intangible Assets, Net (Other than Goodwill)

12 Months Ended

Dec. 31, 2022

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

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 4 – INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

The Company’s intangible assets consist of intellectual property acquired from FIN in addition to internally developed software that have been placed into service. They are amortized over their estimated useful lives as indicated below. The following is a summary of activity related to intangible assets for the years ended December 31, 2022 and 2021:

	Acquired and
	Developed			Intellectual
	Software			Property			Patents			Total
Useful Lives		5 Years			10 Years			10 Years
Carrying Value at December 31, 2020	$	3,171,394		$	416,471		$	128,308		$	3,716,173
Additions		-			-			26,705			26,705
Impairment of assets		-			(335,101	)		-			(335,101	)
Amortization		(932,512	)		(81,370	)		(14,443	)		(1,028,325	)
Carrying Value at December 31, 2021		2,238,882			-			140,570			2,379,452
Additions		-			-			6,311			6,311
Impairment of assets		(1,107,867	)		-			-			(1,107,867	)
Amortization		(695,420	)		-			(16,217	)		(711,637	)
Carrying Value at December 31, 2022	$	435,595		$	-		$	130,664		$	566,259

The following is a summary of intangible assets as of December 31, 2022:

	Acquired and
	Developed			Intellectual
	Software			Property		Patents			Total
Cost	$	4,476,271		$	-	$	164,614		$	4,640,885
Accumulated amortization		(4,040,676	)		-		(33,950	)		(4,074,626	)
Carrying Value at December 31, 2022	$	435,595		$	-	$	130,664		$	566,259

The following is a summary of intangible assets as of December 31, 2021:

	Acquired
	and
	Developed			Intellectual
	Software			Property		Patents			Total
Cost	$	4,476,271		$	-	$	158,303		$	4,634,574
Accumulated amortization		(2,237,389	)		-		(17,733	)		(2,255,122	)
Carrying Value at December 31, 2021	$	2,238,882		$	-	$	140,570		$	2,379,452

The following is the future amortization of intangible assets for the year ended December 31:

2023	$	253,080
2024		168,094
2025		63,791
2026		16,456
2027		16,456
Thereafter		48,382
	$	566,259