Intangible Assets, Net (Other than Goodwill)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023 (unaudited):

	Acquired and Developed Software			Patents			Total
Useful Lives		5 Years			10 years
Carrying Value at December 31, 2022	$	435,595		$	130,664		$	566,259
Amortization		(71,904	)		(4,113	)		(76,017	)
Carrying Value at March 31, 2023	$	363,691		$	126,551		$	490,242

The following is a summary of intangible assets as of March 31, 2023 (unaudited):

	Acquired and Developed Software			Patents			Total
Cost	$	4,476,271		$	164,614		$	4,640,885
Accumulated amortization		(4,112,580	)		(38,063	)		(4,150,643	)
Carrying Value at March 31, 2023	$	363,691		$	126,551		$	490,242

Amortization expense totaled approximately $76,000 and $215,000 for the three months ended March 31, 2023, and 2022, respectively.

Future expected amortization of intangible assets is as follows:

2023 (Remainder of the Year)	$	177,063
2024		168,094
2025		63,791
2026		16,456
2027		16,456
Thereafter		48,382
	$	490,242

There is no impairment indicator identified for impairment of the Company’s intangible assets and goodwill as of March 31, 2023.