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Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5 — Intangible Assets

Intangible assets are recorded at cost and consist of the assets acquired in 2018 related to the acquisition of Agribotix. Amortization is computed using the straight-line method over the estimate useful life of the asset. We will annually assess intangible and other long-lived assets for impairment. Intangible assets were comprised of the following at June 30, 2019:

Intangible Assets		Estimated Life		Gross Cost				Accumulated Amortization				Net Book Value
Intellectual Property/Technology		5 yrs.		$	433,400			$	(72,233	)		$	361,167
Customer Base		5 yrs.			72,000				(12,000	)			60,000
Tradenames - Trademarks		5 yrs.			58,200				(9,700	)			48,500
Non-compete agreement		4 yrs.			160,900				(33,521	)			127,379
Carrying value as of June 30, 2019				$	724,500			$	(127,454	)		$	597,046

Amortization expense for the three and six months ended June 30, 2019 was $38,236 and $80,072, respectively and amortization expense for the three and six months ended June 30, 2018 was $0.

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- References

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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

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