Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 5. INTANGIBLE ASSETS

Intangible assets are comprised of the following:

	December 31, 2019			December 31, 2018
Developed technology	$	7,000,000		$	7,000,000
Customer contracts		6,400,000			6,400,000
Trademarks		1,500,000			1,500,000
		14,900,000			14,900,000
Accumulated amortization		(12,913,889	)		(11,213,889	)
	$	1,986,111		$	3,686,111

Amortization expense related to intangible assets for the years ended December 31, 2019 and 2018 was $1,700,000 and $2,446,667, respectively.

These intangible assets will be amortized over their expected useful lives using the straight-line method, which is a weighted-average amortization period of 6.3 years. As of December 31, 2019, the Company will recognize the following amortization expense for the respective periods ending December 31 noted below:

2020	$	1,166,667
2021		583,333
2022		166,667
2023		69,444
Total	$	1,986,111

During the years ended December 31, 2019 and 2018, there were no impairments recognized related to other intangible assets.