Intangible Assets, Net (Other than Goodwill)

6 Months Ended

Jun. 30, 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 six months ended June 30, 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		(143,812	)		(8,224	)		(152,036	)
Carrying Value at June 30, 2023	$	291,783		$	122,440		$	414,223

The following is a summary of intangible assets as of June 30, 2023 (unaudited):

	Acquired and
	Developed
	Software			Patents			Total
Cost	$	4,476,271			164,614		$	4,640,885
Accumulated amortization		(4,184,488	)		(42,174	)		(4,226,662	)
Carrying Value at June 30, 2023	$	291,783		$	122,440		$	414,223

Amortization expense totaled approximately $152,000 and $428,000 for the six months ended June 30, 2023, and 2022, respectively.

Future expected amortization of intangible assets is as follows:

2023 (Remainder of the Year)	$	111,044
2024		168,094
2025		63,791
2026		16,456
2027		6,456
Thereafter		48,382
	$	414,223

There is no impairment indicator identified for impairment of the Company’s intangible assets and goodwill as of June 30, 2023.