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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2022
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. On January 1, 2022 (“Effective Date”), the Company entered into an asset purchase agreement with Dynamic Tech Services, Inc (“DTS”) to acquire certain assets of DTS. The purchase price for the Acquired Assets was $1,335,000, $500,000 of which was paid in cash and $835,000 of which was paid through the issuance of a four-year $835,000 promissory note dated January 1, 2022, paying interest at the rate of 3.25% per annum (see Note 10). On January 19, 2022, SWK acquired the customer list of NEO3, LLC (“NEO3”) pursuant to an Asset Purchase Agreement for the customer list for $150,000 cash and the issuance of a promissory note in the aggregate principal amount of $75,000 (the “NEO3 Note”). The NEO3 Note is due in 36 months from the closing date and bears interest at a rate of two percent (2.0%) per annum. Monthly payments including interest are $2,148. The purchase price has been recorded as an intangible asset with an estimated life of seven years. The components of intangible assets are as follows:
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | Estimated Useful Lives |
Proprietary developed software |  | $ | 390,082 |  |  | $ | 390,082 |  |  | 5 –7 |
Intellectual property, customer list, and acquired contracts |  |  | 7,743,283 |  |  |  | 6,237,612 |  |  | 5 –15 |
Total intangible assets |  | $ | 8,133,365 |  |  | $ | 6,627,694 |  |  |  |
Less: accumulated amortization |  |  | (3,868,012 | ) |  |  | (3,135,460 | ) |  |  |
|  | $ | 4,265,353 |  |  | $ | 3,492,234 |  |  |  |
Amortization expense related to the above intangible assets was $732,552 and $531,102, respectively, the years ended December 31, 2022 and 2021. There was no impairment of intangible assets for the years ended December 31, 2022 and 2021, respectively. The Company expects future amortization expense to be the following:
|  | Amortization |
2023 |  | $ | 647,844 |
2024 |  |  | 647,844 |
2025 |  |  | 644,367 |
2026 |  |  | 633,165 |
2027 |  |  | 619,516 |
thereafter |  |  | 1,072,617 |
Total |  | $ | 4,265,353 |
The following table provides a summary of the changes in goodwill for the years ended December 31, 2022 and 2021:
|  | December 31, 2022 |  |  | December 31, 2021 |
Goodwill, at beginning of year |  | $ | 1,011,952 |  |  | $ | 1,011,952 |
Goodwill additions |  |  | 128,000 |  |  |  | - |
Goodwill deductions |  |  | - |  |  |  | - |
Goodwill, at end of year |  | $ | 1,139,952 |  |  | $ | 1,011,952 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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