Intangible Assets

6 Months Ended

Jun. 30, 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 June 30, 2020:

Intangible Assets	Estimated Life	Gross Cost		Accumulated Amortization			Net Book Value
Intellectual property/technology	5 yrs.	$	433,400	$	(158,913	)	$	274,487
Customer base	5 yrs.		72,000		(26,400	)		45,600
Tradenames and trademarks	5 yrs.		58,200		(21,340	)		36,860
Non-compete agreement	4 yrs.		160,900		(73,746	)		87,154
Carrying value as of June 30, 2020		$	724,500	$	(280,399	)	$	444,101

The weighted average remaining amortization period in years is 2.96 years. Amortization expense for the six months ended June 30, 2020 and 2019 was $76,472 and $80,072, respectively.

Future amortization is as follows for fiscal years ending:

	2020 (months remaining)		2021		2022		2023
Intellectual property/technology	$	43,340	$	86,680	$	86,680	$	57,786
Customer base		7,200		14,400		14,400		9,600
Tradenames and trademarks		5,820		11,640		11,640		7,760
Non-compete agreement		20,113		40,225		26,817		—
Total	$	76,473	$	152,945	$	139,537	$	75,146