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Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANBIGLE ASSETS | NOTE 6 – INTANBIGLE ASSETS Goodwill The goodwill is related to the acquisition of RMDY Health, Inc. in 2019 and CareSpeak Communications in 2018 and is primarily related to expected improvements and technology performance and functionality, sales growth from future solutions and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition, such as the assembled workforce in place. Goodwill is generally not amortizable for tax purposes and is not amortizable for financial statement purposes. Intangible Assets Intangible assets included on the consolidated balance sheet consist of the following:
|  | December 31, 2020 |  |  |  |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |  |  | Weighted Average Life Remaining |
Patent rights |  | $ | 3,341,388 |  |  | $ | 991,818 |  |  |  | 2,349,570 |  |  |  | 11.5 |
Technology Assets |  | $ | 8,184,765 |  |  | $ | 2,932,943 |  |  |  | 5,251,822 |  |  |  | 7.7 |
Other intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradename |  | $ | 3,586,000 |  |  | $ | 298,833 |  |  |  | 3,287,167 |  |  |  | 13.7 |
Non-compete agreements |  |  | 1,093,000 |  |  |  | 611,885 |  |  |  | 481,115 |  |  |  | 1.6 |
Customer relationships |  |  | 923,000 |  |  |  | 171,730 |  |  |  | 751,270 |  |  |  | 9.8 |
Total other |  |  | 5,602,000 |  |  |  | 1,082,448 |  |  |  | 4,519,552 |  |  |  |  |
Total Intangibles |  | $ | 17,128,153 |  |  | $ | 5,007,209 |  |  |  | 12,120,944 |  |  |  |  |
|  | December 31, 2019 |  |  |  |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |  |  | Weighted Average Life Remaining |
Patent rights |  | $ | 3,329,457 |  |  | $ | 778,870 |  |  | $ | 2,550,587 |  |  |  | 11.7 |
Technology assets |  | $ | 8,140,013 |  |  | $ | 1,901,560 |  |  | $ | 6,238,453 |  |  |  | 8.0 |
Other intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradename |  | $ | 3,586,000 |  |  | $ | 59,767 |  |  | $ | 3,526,233 |  |  |  | 14.5 |
Non-compete agreements |  |  | 1,093,000 |  |  |  | 309,635 |  |  |  | 783,365 |  |  |  | 2.7 |
Customer relationships |  |  | 923,000 |  |  |  | 81,496 |  |  |  | 841,504 |  |  |  | 10.5 |
Total other |  |  | 5,602,000 |  |  |  | 450,898 |  |  |  | 5,151,102 |  |  |  |  |
Total Intangibles |  | $ | 17,071,470 |  |  | $ | 3,131,328 |  |  | $ | 13,940,142 |  |  |  |  |
Intangibles are being amortized on a straight-line basis over the following estimated useful lives.
Patents |  |  | 15 – 17 years |
Tradenames |  |  | 15 years |
Non-compete agreements |  |  | 2 – 4 years |
Customer relationships |  |  | 8 – 15 years |
Technology assets |  |  | 3 – 10 years |
The Company recorded amortization expense of $1,875,882 and $1,094,924 in the years ended December 31, 2020 and 2019, respectively. Expected future amortization expenses of the intangibles assets as of December 31, 2020 is as follows:
Year ended December 31, |  |  |
2021 |  | $ | 1,859,840 |
2022 |  |  | 1,459,427 |
2023 |  |  | 1,057,728 |
2024 |  |  | 1,057,728 |
2025 |  |  | 1,057,728 |
Thereafter |  |  | 5,628,494 |
Total |  | $ | 12,120,945 |
In addition to the technology assets acquired in connection with the RMDY acquisition, the Company also acquired software with a cost of $1.5 million in 2019.

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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