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Intangible Asset, Net

12 Months Ended

Dec. 31, 2022

Note 8 — Intangible Asset, Net

Goodwill

Changes in the carrying amount of goodwill acquired with the Company’s acquisition of Moviynt for the year ended December 31, 2022 were as follows:



Goodwill at December 31, 2021	$	—
Acquisitions		1,601,400

Goodwill at December 31, 2022	$	1,601,400

Intangible Asset, Net

Information regarding purchased intangible assets acquired with the Company’s acquisition of Moviynt for the year ended December 31, 2022 was as follows:


	As of December 31, 2022
	Gross
	Carrying		Accumulated		Net Carrying
	Amount		Amortization		Value
Tradename-Trademark	$	92,600	$	(3,087)	$	89,513
IP-Technology-License		415,400		(13,847)		401,553
Customer Base		153,400		(5,113)		148,287
Non-Competes		37,200		(1,240)		35,960
Total definite-lived intangible assets	$	698,600	$	(23,287)	$	675,313

For all intangible assets acquired and purchased during the year ended December 31, 2022, Tradename, IP-Technology License, Customer Base and Non-Competes have expected useful lives of 5 years.

Amortization expense relating to purchased intangible assets was $23,287 for the year ended December 31, 2022. As of December 31, 2022, expected amortization expense relating to purchased intangible assets for each of the next five years and thereafter was as follows:


2023	$	139,720
2024		139,720
2025		139,720
2026		139,720
2027		116,433

	$	675,313