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INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Acquired Intangible assets | The following table summarizes the components of acquired intangible asset balances as of:
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Patents |  | $ | 1,347,307 |  |  | $ | 1,115,004 |
Licensed software |  |  | 5,610,459 |  |  |  | 6,067,218 |
Software development costs |  |  | 9,412,638 |  |  |  | 1,080,020 |
Less: accumulated amortization |  |  | (2,117,829 | ) |  |  | (1,503,926 | )
Intangible assets, net |  | $ | 14,252,575 |  |  | $ | 6,758,316 |
Schedule of estimated amortization | The estimated amortization is as follows:
For the year ended December 31 |  | Estimated amortization expense |
2021 |  | $ | 1,634,512 |
2022 |  |  | 1,634,512 |
2023 |  |  | 1,634,512 |
2024 |  |  | 1,634,512 |
2025 |  |  | 1,634,512 |
Thereafter |  |  | 6,080,015 |
Total |  | $ | 14,252,575 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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