4. INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

4.     INTANGIBLE ASSETS

Intangible assets consist of the following:

	December 31, 2020		December 31, 2019
Patents and trademarks	$	38,186	$	39,053
Platform		7,478,419		5,598,136
Customer lists and contracts		1,177,200		1,177,200
Kiosk development		–		64,802
Licenses		234,282		534,569
		8,928,087		7,413,760
Less: accumulated amortization		5,229,054		3,597,528
Intangible assets, net	$	3,699,033	$	3,816,232

Intangible assets are amortized over their useful lives ranging from periods of 3 to 5 years. Amortization expense for the year ended December 31, 2020 and 2019 was $1,696,329 and $1,073,121, respectively. During 2020, the Company reviewed the carrying value of acquisition costs related to a business license and determined that there was an impairment necessary due to the fact that the efforts to acquire the license had been suspended. As the impairment was deemed other than temporary, an impairment of $382,414 was recorded during the third quarter of 2020. During the year ended December 31, 2019, we acquired customer lists and contracts from a third party totaling $1,177,200, which is being amortized over a period of 3 to 5 years.

Estimated future amortization expense is as follows:

2021	$	1,637,130
2022		1,170,935
2023		583,438
2024		224,192
2025		8,986
Thereafter		74,352
Total amortization expense	$	3,699,033