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Platform Development

12 Months Ended

Dec. 31, 2020

8. Platform Development

Platform development costs are summarized as follows:

Summary of Platform Development Costs

	As of December 31,
	2020			2019
Platform development	$	16,027,428		$	10,678,692
Less accumulated amortization		(8,671,820	)		(4,785,973	)
Net platform development	$	7,355,608		$	5,892,719

A summary of platform development activity for the years ended December 31, 2020 and 2019 is as follows:

	As of December 31,
	2020			2019
Platform development beginning of year	$	10,678,692		$	6,833,900
Payroll-based costs capitalized during the year		3,750,541			2,537,402
Total capitalized costs		14,429,233			9,371,302
Stock-based compensation		1,608,995			1,307,390
Dispositions during the year		(10,800	)		-
Platform development end of year	$	16,027,428		$	10,678,692

Amortization expense for platform development for the years ended December 31, 2020 and 2019, was $3,890,966 and $2,660,029, respectively, is included within cost of revenues on the consolidated statements of operations.