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Goodwill

3 Months Ended

Mar. 31, 2022

10. Goodwill and Intangible Assets

The Company has recorded goodwill of $22,088,578 as of March 31, 2022. There were no changes in the carrying amount of goodwill during the three month period ended March 31, 2022.

Intangible assets consists of the following:

MARCH 31, 2022

Gross Carrying

Accumulated

Net Book

Amount

Amortization

Value

(Unaudited)

Customer Relationships

2,392,000

(123,300

)

2,268,700

Channel Relationships

2,628,080

(1,387,042

)

1,241,038

Internally Developed Software

3,323,179

(1,752,635

)

1,570,544

Trade Name and Trademarks

1,330,472

(188,305

)

1,142,167

9,673,731

(3,451,282

)

6,222,449

	DECEMBER 31, 2021

	Gross Carrying		Accumulated			Net Book
	Amount		Amortization			Value

Customer Relationships	$	2,392,000	$	(61,650	)	$	2,330,350
Channel Relationships		2,628,080		(1,343,241	)		1,284,839
Internally Developed Software		3,082,705		(1,633,516	)		1,449,189
Trade Name and Trademarks		1,330,472		(165,964	)		1,164,508

	$	9,433,257	$	(3,204,371	)	$	6,228,886

For the three month period ended March 31, 2022, the Company capitalized $820,000 of internally developed software costs, primarily associated with upgrading our ITMS™ (Intelligent Telecommunications Management System), next generation TDI^TM application, secure identity management technology and network operations center of which $243,500 was transferred from capital work in progress to internally developed software and $316,900 was transferred from capital work in progress to property and equipment during the period. Capital work in progress is included in other long-term assets in the consolidated balance sheet

For the three month period ended March 31, 2021, the Company capitalized $569,900 of internally developed software costs, primarily associated with upgrading our ITMS™ (Intelligent Telecommunications Management System), secure identity management technology and network operations center of which $38,500 was transferred from capital work in progress to internally developed software during the quarter.

There were no disposals of intangible assets during the three month periods ended March 31, 2022 and 2021.

The aggregate amortization expense recorded for the three month periods ended March 31, 2022 and 2021 were approximately $283,200 and $119,000, respectively.

As of March 31, 2022, estimated annual amortization for our intangible assets for each of the next five years is approximately:

Remainder of 2022	$	900,179
2023		1,141,613
2024		934,457
2025		511,170
2026		511,170
Thereafter		2,223,860
Total	$	6,222,449