Intangible Assets

6 Months Ended

Jan. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

Below are summarized changes in intangible assets at January 31, 2020 and July 31, 2019:

	Gross
	Carrying		Accumulated			Net Carrying
January 31, 2020	Value		Amortization			Amount
NetSapiens - license, 10 years	$	150,000	$	(150,000	)	$	-
Customer relationships, 5 years		40,000		(16,672	)		23,328
Customer relationships, 7 years		1,480,000		(381,791	)		1,098,209
Marketing & Non-compete, 5 years		800,000		(280,000	)		520,000
Total Define-lived Assets		2,470,000		(828,463	)		1,641,537
Goodwill, Indefinite		810,353		-			810,353
Balance, January 31, 2020	$	3,280,353	$	(828,463	)	$	2,451,890
		Gross
		Carrying		Accumulated			Net Carrying
July 31, 2019		Value		Amortization			Amount
NetSapiens - license, 10 years	$	150,000	$	(150,000	)	$	-
Customer relationships, 5 years		40,000		(12,672	)		27,328
Customer relationships, 7 years		1,480,000		(276,077	)		1,203,923
Marketing & Non-compete, 5 years		800,000		(200,000	)		600,000
Total Define-lived Assets		2,470,000		(638,749	)		1,831,251
Goodwill, Indefinite		810,353		-			810,353
Balance, July 31, 2019	$	3,280,353	$	(638,749	)	$	2,641,604

Total amortization expense for the six months ended January 31, 2020 and 2019 was $189,714 and $189,714, respectively.