Capitalized Software

12 Months Ended

Dec. 31, 2020

Capitalized Software

Capitalized Software

5.           Capitalized Software

For the years ended December 31, 2020 and 2019 the Company capitalized $6,177,005 and $4,429,289, and recognized amortization expense of $3,991,553 and $2,919,006, respectively.

Estimated amortization expense for the years ending December 31, 2021 through December 31, 2023 is as follows:

	Amortization Expense
Year:
2021	$	4,195,131
2022		2,804,127
2023		1,055,109

Estimated amortization expense can be affected by various factors, including new software releases, acquisitions or divestitures of software and/or impairments.

The following represents capitalized software balances as of December 31, 2020 and 2019:

	2020						2019
	Gross		Accumulated		Net		Gross		Accumulated		Net
	Amount		Amortization		Amount		Amount		Amortization		Amount
Capitalized software	$	18,638,249	$	(10,583,882)	$	8,054,367	$	12,461,245	$	(6,592,330)	$	5,868,915