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Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 3 – INTANGIBLE ASSETS

As of June 30, 2020, the Company has the following amounts related to intangible assets:

		Gross Carrying Amount				Accumulated Amortization
Amortizable intangible assets
Customer relationship asset		$	1,006,840			$	(699,194	)
Indefinite lived intangible assets
Purchased licenses			200,000				-
		$	1,206,840			$	(699,194	)

As of December 31, 2019 the Company has the following amounts related to intangible assets:

		Gross Carrying Amount				Accumulated Amortization
Amortizable intangible assets:
Customer relationship asset		$	1,006,840			$	(531,388	)
Indefinite lived intangible assets:
Purchased licenses			200,000				-
		$	1,206,840			$	(531,388	)

The aggregate amortization expense of the Company’s intangible assets for the three months ended June 30, 2020 and 2019 was approximately $83,903 and $83,903, respectively. The aggregate amortization expense of the Company’s intangible assets for the six months ended June 30, 2020 and 2019 was approximately $167,806 and $167,806, respectively. Estimated amortization expense for 2020 and 2021 is approximately $336,000 and $140,000, respectively.