Intangible Assets

6 Months Ended

Jun. 30, 2021

Intangible Assets

Note 7. Intangible Assets

(7) Intangible Assets

Goodwill

The goodwill is related to the acquisition of Specialty Microwave Corp. on September 12, 2019 and is primarily related to expected improvements and technology performance and functionality, as well sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition. Goodwill is generally not amortizable for tax purposes and is not amortizable for financial statement purposes. As of June 30, 2021 and December 31, 2020, goodwill was valued at $120,136.

Other Intangible Assets

Intangible assets with an estimated useful life of fifteen years consisted of the following at June 30, 2021:

	Gross Carrying		Accumulated				Weighted Average
	Amount		Amortization		Net		Life
Trade name	$	70,233	$	-	$	70,233	Indefinite
Customer relationships		412,860		49,543		363,317		13.0
Intellectual Property		202,771		24,465		178,306		13.0
Total	$	685,864	$	74,008	$	611,856

Amortization expense for the years ended June 30, 2021 and 2020 was $20,353 and $20,531 respectively.

Annual amortization of intangible assets are as follows:

2021		20,689
2022		41,042
2023		41,042
2024		41,042
2025		41,042
Thereafter		356,766
	$	541,623