XML 41 R17.htm IDEA: XBRL DOCUMENT
v3.23.3

Goodwill and Intangible Assets | 9 Months Ended
--- | ---
Sep. 30, 2023
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 9. Goodwill and Intangible Assets The Company has recorded goodwill of $5,811,578 as of September 30, 2023 and December 31, 2022. There were no changes in the carrying amount of goodwill during the nine month period ended September 30, 2023. Intangible assets consists of the following:
|  | SEPTEMBER 30, 2023 |
|  | Gross Carrying |  |  | Accumulated |  |  | Net Book |
|  | Amount |  |  | Amortization |  |  | Value |
|  | (Unaudited) |
Customer Relationships |  | $ | 2,392,000 |  |  | $ | (478,400 | ) |  | $ | 1,913,600 |
Channel Relationships |  |  | 2,628,080 |  |  |  | (1,649,850 | ) |  |  | 978,230 |
Internally Developed Software |  |  | 6,929,439 |  |  |  | (3,696,876 | ) |  |  | 3,232,563 |
Trade Name and Trademarks |  |  | 1,330,472 |  |  |  | (321,020 | ) |  |  | 1,009,452 |
|  | $ | 13,279,991 |  |  | $ | (6,146,146 | ) |  | $ | 7,133,845 |
|  | DECEMBER 31, 2022 |
|  | Gross Carrying |  |  | Accumulated |  |  | Net Book |
|  | Amount |  |  | Amortization |  |  | Value |
Customer Relationships |  | $ | 2,392,000 |  |  | $ | (299,000 | ) |  | $ | 2,093,000 |
Channel Relationships |  |  | 2,628,080 |  |  |  | (1,518,446 | ) |  |  | 1,109,634 |
Internally Developed Software |  |  | 5,665,957 |  |  |  | (2,546,407 | ) |  |  | 3,119,550 |
Trade Name and Trademarks |  |  | 1,330,472 |  |  |  | (254,496 | ) |  |  | 1,075,976 |
|  | $ | 12,016,509 |  |  | $ | (4,618,349 | ) |  | $ | 7,398,160 |
For the three and nine month periods ended September 30, 2023, the Company capitalized $139,600 and $832,400, respectively, of internally developed software costs, primarily associated with upgrading our ITMS™ (Intelligent Technology Management System), secure identity management technology and secure network operations center of which $509,700 was transferred from capital work in progress to internally developed software during the nine month period. Capital work in progress is included in other long-term assets in the consolidated balance sheet. For the three and nine month periods ended September 30, 2022, the Company capitalized $1.1 million and $2.9 million, respectively, of internally developed software costs, primarily associated with upgrading our ITMS™ (Intelligent Technology Management System), next generation TDITM application, secure identity management technology and secure network operations center of which $1.3 million 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 nine month period. Capital work in progress is included in other long-term assets in the consolidated balance sheet. There were no disposals of intangible assets during the three and nine month period ended September 30, 2023. The aggregate amortization expense recorded for the three month periods ended September 30, 2023 and 2022 were approximately $526,300 and $365,800, respectively. The aggregate amortization expense recorded for the nine month periods ended September 30, 2023 and 2022 were approximately $1,533,900 and $958,400, respectively As of September 30, 2023, estimated annual amortization for our intangible assets is approximately:
Remainder of 2023 |  | $ | 566,031 |
2024 |  |  | 2,123,820 |
2025 |  |  | 1,450,258 |
2026 |  |  | 727,570 |
2027 |  |  | 503,106 |
Thereafter |  |  | 1,763,060 |
Total |  | $ | 7,133,845 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration