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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

The Company has recorded goodwill of $18,555,578 as of March 31, 2020. There were no changes in the carrying amount of goodwill during the three month period ended March 31, 2020.

 

Intangible assets consists of the following:

 

    MARCH 31, 2020  
    Gross Carrying     Accumulated     Net Book  
    Amount     Amortization     Value  
           (Unaudited)        
Customer Relationships   $ 1,980,000     $ (1,980,000 )   $ -  
Channel Relationships     2,628,080       (1,036,632 )     1,591,448  
Internally Developed Software     1,620,311       (1,066,731 )     553,580  
Trade Name and Trademarks     290,472       (114,576 )     175,896  
                         
    $ 6,518,863     $ (4,197,939 )   $ 2,320,924  

 

    DECEMBER 31, 2019  
    Gross Carrying     Accumulated     Net Book  
    Amount     Amortization     Value  
           (Unaudited)        
Customer Relationships   $ 1,980,000     $ (1,980,000 )   $ -  
Channel Relationships     2,628,080       (992,830 )     1,635,250  
Internally Developed Software     1,623,122       (988,340 )     634,782  
Trade Name and Trademarks     290,472       (109,734 )     180,738  
                         
    $ 6,521,674     $ (4,070,904 )   $ 2,450,770  

 

For the three month period ended March 31, 2020, the Company capitalized $341,00 of internally developed software costs, primarily associated with upgrading our secure identity management technology and network operations center. For the three month periods ended March 31, 2019, the Company capitalized internally developed software costs of approximately $58,500 related to costs associated with our next generation TDI Optimiser™ application. There were no disposals of intangible assets during the three month periods ended March 31, 2020 and 2019.

 

The aggregate amortization expense recorded for the three month periods ended March 31, 2020 and 2019 were approximately $125,700 and $198,800, respectively. The total weighted remaining average life of all purchased intangible assets and internally developed software costs was approximately 5.0 years and 1.0 year, respectively, at March 31, 2020.

 

As of March 31, 2020, estimated annual amortization for our intangible assets for each of the next five years is approximately:

 

Remainder of 2020   $ 328,535  
2021     333,714  
2022     349,341  
2023     194,570  
2024     194,570  
Thereafter     920,195  
Total   $ 2,320,924