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Intangible Assets and Goodwill (Tables)
 6 Months Ended
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