XML 26 R14.htm IDEA: XBRL DOCUMENT v3.24.0.1
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

Note 7 - Intangible Assets, Net

 

The following table summarizes intangible assets, net:

 

   Useful
Life		  September 30,
2023		   December 31,
2022		 
Capitalized software development costs  1-5 years  $4,016,771   $2,177,053 
Purchased technology  1-15 years   72,488    28,500 
Brand name  10 years   1,377,461    
-
 
Total intangible assets      5,466,720    2,205,553 
Less: Accumulated amortization      (2,934,657)   (937,880)
Total intangible assets, net     $2,532,063   $1,267,673 

 

Amortization expenses were $716,469 and $202,723 for the three months ended September 30, 2023 and 2022, respectively and $1,996,777 and $475,872 for the nine months ended September 30, 2023 and 2022, respectively.

 

As of September 30, 2023, estimated future amortization expense is expected as follows:

 

Remainder of 2023  $402,004 
2024   322,127 
2025   322,127 
2026   322,127 
2027   322,127 
Thereafter   841,551 
   $2,532,063