Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS (Tables)

v3.21.2
INTANGIBLE ASSETS (Tables) - Intangible assets other than capitalized software
9 Months Ended
Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]  
Summary of capitalized software

September 30, 2021

    

Useful

    

Gross Carrying

    

Accumulated

    

Net Carrying

    

Life

    

Amount

    

Amortization

    

Amount

Trademarks

10 Years

$

1,860,000

$

(93,425)

$

1,766,575

Intangible assets

5 Years

 

1,010,000

 

(101,461)

 

908,539

Customer relationships

7 Years

 

3,370,000

 

(241,813)

 

3,128,187

Patents and patent applications

(*)

 

700,000

 

 

700,000

$

6,940,000

$

(436,699)

$

6,503,301

(*)

Patents which have yet to be approved by US Patent Office. Useful life is determined upon placement into service after approval.

Summary of estimated amortization for capitalized software

Year Ended December 31,

    

  

2021 (three months)

$

217,357

2022

 

869,429

2023

 

869,429

2024

 

869,429

2025

 

869,429

Thereafter

 

2,808,228

$

6,503,301