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Intangible Assets and Goodwill (Tables) | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Change in 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 |
Summary of Identifiable Intangible Assets | 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.
Schedule of Future Amortization Expense | 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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