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8. INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | Intangible assets are recorded at the estimated fair value of acquired technology and customer relationships and are amortized over the respective estimated useful life using a method that is based on estimated future cash flows, as the Company believes this will approximate the pattern in which the economic benefits of the asset will be utilized. In December 2018, Minim acquired the net assets of MCP Networks Inc., a provider of a cloud-based home network management platform. The acquisition expanded Minim’s subscriber base and thereby offered sales opportunities of Minim’s software services to these subscribers. Minim recorded $122,435 of customer relationships related to this acquisition in its historical accounts of December 2018. In accordance the accounting of a common control transaction (Note 3), the Company recorded Minim’s historical carrying amounts, as of October 9, 2020, $122,435 of customer relationships and $25,313 of related accumulated amortization. Intangible assets consisted of the following at December 31, 2020:
|  | Est. Useful Life (yrs) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net |
Capitalized internal use software |  |  | 2.5 |  |  | $ | 230,106 |  |  | $ | (20,431 | ) |  | $ | 209,675 |
Customer relationships |  |  | 9 |  |  |  | 122,435 |  |  |  | (28,768 | ) |  |  | 93,667 |
Acquired web domain |  |  | 5 |  |  |  | 86,732 |  |  |  | (1,445 | ) |  |  | 85,287 |
Totals |  |  |  |  |  | $ | 439,273 |  |  | $ | (50,644 | ) |  | $ | 388,629 |
Amortization expense was $25,331 for the year ended December 31, 2020. The Company did not have any intangible assets for the year ended December 31, 2019. The estimated annual amortization expense for each of the five succeeding years and thereafter is as follows:
Years Ended December 31, |
2021 |  | $ | 125,931 |
2022 |  |  | 123,147 |
2023 |  |  | 53,762 |
2024 |  |  | 31,092 |
2025 |  |  | 29,609 |
Thereafter |  |  | 25,088 |
Total |  | $ | 388,629 |

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- Definition The entire disclosure for all or part of the information related to 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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