Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4)  Intangible Assets

The Company’s intangible assets consist primarily of intellectual property and customer relationship it acquired through various acquisitions. We capitalize certain costs incurred for the platform development when it is determined that it is probable that the platform will be completed and will be used as intended. We amortize our intangible assets that have finite lives using either the straight-line method or based on estimated future cash flows to approximate the pattern in which the economic benefit of the asset will be utilized

Intangible assets consist of the following:

Schedule of intangible assets
	June 30, 2022			December 31, 2021
Customer relationships	$	8,667		$	8,667
Intellectual property		6,050			4,050
Product development		477			477
		15,194			13,194
Accumulated amortization		(4,189	)		(2,736	)
Net Intangible Assets	$	11,005		$	10,458

Amortization expense for the quarter ended June 30, 2022 and June 30, 2021 were $793 and $206 respectively. This amortization expense relates to capitalized software expenses, intellectual property, and customer lists.

Schedule of intangibles asset useful life
Nature of Intangibles	Useful Life
Customer relationships	5 years
Intellectual property	5 years
Product development	5 years

Estimated annual amortization expense (including amortization expense associated with capitalized software costs) for each of the next six years are as follows:

Schedule of amortization expense
June 30,
2022	$	1,110
2023		2,201
2024		2,201
2025		2,201
2026		2,201
2027		1,100
Total	$	11,005