Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5 – Intangible Assets

Intangible assets are recorded at cost and consist of assets acquired in 2018 as a result of a business acquisition in 2018. Amortization is computed using the straight-line method over the estimate useful life of the asset. Intangible assets were comprised of the following at March 31, 2020:

Intangible Assets	Estimated Life	Gross Cost		Accumulated Amortization			Net Book Value
Intellectual Property/Technology	5 yrs.	$	433,400	$	(137,243	)	$	296,157
Customer Base	5 yrs.		72,000		(22,800	)		49,200
Tradenames - Trademarks	5 yrs.		58,200		(18,430	)		39,770
Non-compete agreement	4 yrs.		160,900		(63,690	)		97,210
Carrying value as of March 31, 2020		$	724,500	$	(242,163	)	$	482,337

The weighted average remaining amortization period in years is 3.5 years. Amortization expense for the three months ended March 31, 2020 and 2019 was $38,236 and $41,836, respectively.

Future amortization is as follows for fiscal years ending:

	2020 (months remaining)		2021		2022		2023
Intellectual Property/Technology	$	65,010	$	86,680	$	86,680	$	57,786
Customer Base		10,800		14,400		14,400		9,600
Tradenames and Trademarks		8,730		11,640		11,640		7,760
Non-compete Agreement		30,169		40,225		26,817		—
Total	$	114,709	$	152,945	$	139,537	$	75,146