Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 6 – INTANBIGLE ASSETS

Goodwill

The goodwill is related to the acquisition of RMDY Health, Inc. in 2019 and CareSpeak Communications in 2018 and is primarily related to expected improvements and technology performance and functionality, sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition, such as the assembled workforce in place. Goodwill is generally not amortizable for tax purposes and is not amortizable for financial statement purposes.

Intangible Assets

Intangible assets included on the balance sheet consist of the following:

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life Remaining
Patent rights	$	3,329,457	$	778,870	$	2,550,587	11.7
Technology Assets	$	8,140,013	$	1,901,560	$	6,238,453	8.0
Other intangible assets
Tradename	$	3,586,000	$	59,767	$	3,526,233	14.5
Non-compete agreements		1,093,000		309,635		783,365	2.7
Customer relationships		923,000		81,496		841,504	10.5
Total other		5,602,000		450,898		5,151,102
Total Intangibles	$	17,071,470	$	3,131,328	$	13,940,142

	December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net		Weighted Average Life Remaining
Patent rights	$	3,329,457	$	562,513	$	2,766,944	12.7
Technology assets	$	1,515,013	$	1,473,890	$	104,820	1.1
Other intangible assets
Tradename		982,000		-		982,000	Indefinite
Non-compete agreements		977,000		50,885		926,115	3.8
Customer relationships		492,000		12,812		479,188	7.8
Total other		2,451,000		63,697		2,387,303
Total Intangibles	$	7,295,470	$	2,036,403	$	5,259,067

Intangibles are being amortized on a straight-line basis over the following estimated useful lives.

Patents	15 – 17 years
Tradenames	15 years
Non-compete agreements	2 – 4 years
Customer relationships	8 – 15 years
Technology assets	3 – 10 years

The Company recorded amortization expense of $1,094,924 and $258,079 in the years ended December 31, 2019 and 2018, respectively. Expected future amortization expenses of the intangibles assets as of December 31, 2019 is as follows:

Year ended December 31,
2020	$	1,811,400
2021		1,794,795
2022		1,391,965
2023		990,267
2024		990,267
Thereafter		6,961,448
Total	$	13,940,142

In addition to the technology assets acquired in connection with the RMDY acquisition, the company also acquired software with a cost of $1.5 million in 2019.