INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2020

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE E – INTANGIBLE ASSETS

Intangible assets at September 30, 2020 and 2019 are as follows:

	2020		2019
Internally developed software (5-year useful life)	$	157,221	$	157,221
Customer relationships (10-year useful life)		621,000		621,000
Intellectual property (5-15 years)		917,350		917,350
		1,695,571		1,695,571
Less:
Accumulated amortization		1,090,241		960,800
Intangible assets, net	$	605,330	$	734,771

Total amortization expense charged to operations for the fiscal years ended September 30, 2020 and 2019 were $129,441 and $129,432,  respectively.

The following table presents the estimated amortization expense of the intangible assets for each of the five succeeding years as of September 30, 2020:

	Amount
2021	$	91,967
2022		91,967
2023		91,967
2024		91,967
2025		89,379
Thereafter		148,083
Total	$	605,330