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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | NOTE 6 – INTANGIBLE ASSETS AND GOODWILL The below table summarizes the changes in goodwill during the six months ended June 30, 2020:
Balance December 31, 2019 |  | $ | 922,579 |
Acquisition of goodwill |  |  | 1,356,360 |
Impairment |  |  | - |
Ending balance, June 30, 2020 |  | $ | 2,278,939 |
The below table summarizes the identifiable intangible assets as of June 30, 2020 and December 31, 2019:
|  | Useful life |  | 2020 |  |  | 2019 |
Tradenames – trademarks (1) |  | Indefinite |  | $ | 589,200 |  |  | $ | 589,200 |
Customer base (1) |  | 15 years |  |  | 206,000 |  |  |  | 206,000 |
Non-compete agreements (1) |  | 5 years |  |  | 183,300 |  |  |  | 183,300 |
Intellectual property/technology (1) |  | 10 years |  |  | 122,000 |  |  |  | 122,000 |
First priority option to acquire SaaS product (the “SaaS Option”) (1) |  |  |  |  | - |  |  |  | 100,000 |
|  |  |  |  | 1,100,500 |  |  |  | 1,200,500 |
Less accumulated amortization |  |  |  |  | (46,944 | ) |  |  | (15,648 | )
Less impairment charge (2) |  |  |  |  | - |  |  |  | (100,000 | )
Total |  |  |  | $ | 1,053,556 |  |  | $ | 1,084,852 |
(1) | These intangible assets were acquired in the acquisition of TalaTek.
(2) | The Company concluded that the carrying amount of the SaaS Option would not be recoverable and, as a result, fully impaired the asset at December 31, 2019.
The weighted average useful life remaining of identifiable intangible assets remaining is 9.25 years. Amortization of identifiable intangible assets for the three and six months ended June 30, 2020 was $15,648 and $31,296. The below table summarizes the future amortization expense for the next five years and thereafter:
2020 |  | $ | 31,297 |
2021 |  |  | 62,593 |
2022 |  |  | 62,593 |
2023 |  |  | 62,593 |
2024 |  |  | 53,428 |
Thereafter |  |  | 191,852 |
|  | $ | 464,356 |

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- Definition The entire disclosure for goodwill and 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 + Details
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