Intangible Assets, Net (Other than Goodwill)

3 Months Ended

Mar. 31, 2024

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, 2024 (unaudited):

	Acquired and
	Developed
	Software			Patents			Total
Useful Lives	5 Years			10 Years
Carrying Value at December 31, 2023	$	212,798		$	114,203		$	327,001
Amortization		(39,293	)		(4,115	)		(43,408	)
Carrying Value at March 31, 2024	$	173,505		$	110,088		$	283,593

The following is a summary of intangible assets as of March 31, 2024 (unaudited):

	Acquired and
	Developed
	Software			Patents			Total
Cost	$	1,734,662		$	164,614		$	1,899,276
Accumulated amortization		(1,561,157	)		(54,526	)		(1,615,683	)
Carrying Value at March 31, 2024	$	173,505		$	110,088		$	283,593

Amortization expense totaled approximately $43,000 and $76,000 for the three months ended March 31, 2024, and 2023, respectively.

Future expected amortization of intangible assets is as follows:

2024 (Remainder of the Year)	$	130,224
2025		69,328
2026		19,230
2027		16,461
2028		16,461
Thereafter		31,889
	$	283,593

There was no impairment indicator identified for impairment of the Company’s intangible assets and goodwill as of March 31, 2024.