INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 5 – INTANGIBLE ASSETS

Intangible assets consist of proprietary developed software, intellectual property, customer lists and acquired contracts carried at cost less accumulated amortization and customer lists acquired at fair value less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives.

The components of intangible assets are as follows:

	March 31, 2021			December 31, 2020			Estimated Useful Lives
Proprietary developed software	$	390,082		$	390,082		5 –7
Intellectual property, customer list, and acquired contracts		5,340,612			5,340,612		5 –15
Total intangible assets	$	5,730,694		$	5,730,694
Less: accumulated amortization		(2,724,595	)		(2,604,358	)
	$	3,006,099		$	3,126,336

Amortization expense related to the above intangible assets was $120,237 and $91,973, respectively, the three months ended March 31, 2021 and 2020.

The Company expects future amortization expense to be the following:

	Amortization
Remainder of 2021	$	323,885
2022		374,478
2023		311,365
2024		311,365
2025		304,508
2026		289,927
Thereafter		1,090,571
Total	$	3,006,099