Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The Company has recorded goodwill of $18,555,578 as of March 31, 2021. There were no changes in the carrying amount of goodwill during the three month period ended March 31, 2021.

Intangible assets consists of the following:

	MARCH 31, 2021
	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value
			(unaudited)
Customer Relationships	$	1,980,000	$	(1,980,000	)	$	-
Channel Relationships		2,628,080		(1,211,837	)		1,416,243
Internally Developed Software		1,911,086		(1,349,667	)		561,419
Trade Name and Trademarks		290,472		(133,941	)		156,531
	$	6,809,638	$	(4,675,445	)	$	2,134,193
Balance Sheet Check							-

	DECEMBER 31, 2020
	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value
			(unaudited)
Customer Relationships	$	1,980,000	$	(1,980,000	)	$	-
Channel Relationships		2,628,080		(1,168,036	)		1,460,044
Internally Developed Software		1,846,194		(1,280,108	)		566,086
Trade Name and Trademarks		290,472		(129,099	)		161,373
	$	6,744,746	$	(4,557,243	)	$	2,187,503

For the three month period ended March 31, 2021, the Company capitalized $569,900 of internally developed software costs, primarily associated with upgrading our ITMS™ (Intelligent Telecommunications Management System), secure identity management technology and network operations center of which $38,500 was transferred from capital work in progress to internally developed software during the quarter. Capital work in progress is included in other long-term assets in the consolidated balance sheet.

For the three month period ended March 31, 2020, the Company capitalized internally developed software costs of approximately $341,000 related to costs associated with upgrading our secure identity management technology and network operations center.

There were no disposals of intangible assets during the three month periods ended March 31, 2021 and 2020.

The aggregate amortization expense recorded for the three month periods ended March 31, 2021 and 2020 were approximately $119,000 and $125,700, respectively.

As of March 31, 2021, estimated annual amortization for our intangible assets for each of the next five years is approximately:

Remainder 2021	$	404,925
2022		373,043
2023		248,061
2024		194,570
2025		194,570
Thereafter		719,024
Total	$	2,134,193