Intangible Assets

9 Months Ended

Sep. 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 September 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 September 30, 2021:

	Gross Carrying		Accumulated				Weighted
	Amount		Amortization		Net		Average Life
Trade name	$	70,233	$	-	$	70,233	Indefinite
Customer relationships		412,860		56,481		356,379		13.0
Intellectual Property		202,771		27,872		174,899		13.0
Total	$	685,864	$	84,353	$	601,511

Amortization expense for the years ended September 30, 2021 and 2020 was $30,698 and $30,876, respectively.

Annual amortization of intangible assets are as follows:

2021		10,344
2022		41,042
2023		41,042
2024		41,042
2025		41,042
Thereafter		356,766
	$	531,278