Marpai, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS.

INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

Intangible assets consist of the following:


	December 31, 2021
	Useful		Gross Carrying		Accumulated		Net Carrying
	Life		Amount		Amortization		Amount
Trademarks		10 Years	$	1,520,000	$	(114,000)	$	1,406,000
Noncompete agreements		5 Years		990,000		(148,500)		841,500
Customer relationships		7 Years		2,920,000		(312,857)		2,607,143
Patents and patent applications		(*)		653,050		—		653,050
			$	6,083,050	$	(575,357)	$	5,507,693

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

Amortization expense was $575,357 for the year ended December 31, 2021. There was no amortization expense for intangible assets for the year ended December 31, 2020.

Estimated amortization for trademarks, intangible assets and customer relationships for future periods is as follows:


Year Ended December 31,
2022	$	767,143
2023		767,143
2024		767,143
2025		767,143
2026		618,643
Thereafter		1,167,428
Assets not placed in services		653,050
	$	5,507,693