Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 6. INTANGIBLE ASSETS

Intangible assets are comprised of the following:

	September 30, 2020			December 31, 2019
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		(13,788,889	)		(12,913,889	)
	$	1,111,111		$	1,986,111

Amortization expense related to intangible assets for the three and nine months ended September 30, 2020 was $291,667 and $875,000, respectively and for the three and nine months ended September 30, 2019 was $291,667 and $1,408,333, respectively.

Annually, and more often as necessary, we will perform an evaluation of our intangible assets for indications of impairment. If indications exist, we will perform an evaluation of the fair value of the intangible assets and, if necessary, record an impairment charge. As of September 30, 2020, the Company reviewed the net balance of the intangible assets and determined no impairment was needed.