Intangible Assets, Net (Other than Goodwill)

9 Months Ended

Sep. 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 nine months ended September 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
Acquisition of intangible assets		16,601			-			16,601
Amortization		(200,100	)		(12,351	)		(212,451	)
Carrying Value at September 30, 2023	$	252,096		$	118,313		$	370,409

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

	Acquired and
	Developed
	Software			Patents			Total
Cost	$	4,492,872			164,614		$	4,657,486
Accumulated amortization		(4,240,776	)		(46,301	)		(4,287,077	)
Carrying Value at September 30, 2023	$	252,096		$	118,313		$	370,409

Amortization expense totaled approximately $212,450 and $642,000 for the nine months ended September 30, 2023, and 2022, respectively.

Future expected amortization of intangible assets is as follows:

2023 (Remainder of the Year)	$	51,458
2024		171,414
2025		67,111
2026		19,776
2027		9,776
Thereafter		50,874
	$	370,409

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