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Intangible Assets
 12 Months Ended
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.