INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 5 – INTANGIBLE ASSETS

Intangible assets consist of proprietary developed software, intellectual property, customer lists and acquired contracts carried at cost less accumulated amortization and customer lists acquired at fair value less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives.

The components of intangible assets are as follows:

	December 31, 2020			December 31, 2019			Estimated Useful Lives
Proprietary developed software	$	390,082		$	390,082			5 –7
Intellectual property, customer list, and acquired contracts		5,340,612			4,430,014			5 –15
Total intangible assets	$	5,730,694		$	4,820,096
Less: accumulated amortization		(2,604,358	)		(2,212,795	)
	$	3,126,336		$	2,607,301

Amortization expense related to the above intangible assets was $391,563 and $381,933, respectively, the years ended December 31, 2020 and 2019. Impairment on intangible assets was $-0- and $236,860 for the years ended December 31, 2020 and 2019, respectively.

The Company expects future amortization expense to be the following:

	Amortization

2021	$	429,412
2022		362,709
2023		299,597
2024		299,597
2025		292,740
thereafter		1,442,281
Total	$	3,126,336