Property and Equipment, net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and equipment, net

Note 6 — Property and equipment, net

Property and equipment, net, consist of the following:

	As of December 31,
	2020			2019
Computer equipment	$	494,803		$	409,346
Office equipment, fixtures and furniture		2,084,615			1,953,259
Capitalized development cost and software acquired		8,081,105			6,027,310
Automobiles		165,149			154,788
Subtotal		10,825,672			8,544,703
Less: accumulated depreciation and amortization		(3,641,571	)		(1,980,063	)
Total	$	7,184,101		$	6,564,640

Depreciation and amortization expense for the years ended December 31, 2020, 2019 and 2018 amounted to $310,845, $299,959 and $272,458, respectively. The Company capitalized development costs related to its core supporting modules of the global trade applications and solutions for internal use incurred during the application development stage. The amortization expense for the years ended December 31, 2020, 2019 and 2018 totaled $1,140,727, $652,245 and $370,807, respectively.

The estimated amortization of capitalized development cost is as follows:

Twelve months ending December 31,	Estimated amortization expense
2021	$	1,513,352
2022		1,385,346
2023		1,203,410
2024		911,125
2025		390,387
Thereafter		16,003
Total	$	5,419,623