Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS (Tables)

v3.22.1
INTANGIBLE ASSETS (Tables) - Intangible assets other than capitalized software
12 Months Ended
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]  
Summary of capitalized software

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.

Summary of estimated amortization for capitalized software

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