Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.20.2
Intangible Assets, Net
6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 7. INTANGIBLE ASSETS, NET

 

Intangible assets consisted of the following:

 

    June 30, 2020  
   

Gross

Amount

    Accumulated
Amortization
   

Net

Carrying

Amount

   

Weighted-

Average

Amortization

Period

 
Supply chain development   $ 395,249     $ (242,532 )   $ 152,717       1.58 yrs.  
Patents and trademarks     64,566       (21,490 )     43,076       3.12 yrs.  
    $ 459,815     $ (264,022 )   $ 195,793          

 

    December 31, 2019
   

Gross

Amount

    Accumulated
Amortization
   

Net

Carrying

Amount

   

Weighted-

Average

Amortization

Period

Supply chain development   $ 395,249     $ (193,127 )   $ 202,122     2.07 yrs.
Patents     56,047       (14,044 )     42,003     3.42 yrs.
    $ 451,296     $ (207,171 )   $ 244,125      

 

Amortization expense for the three and six months ended June 30, 2020 was $28,635 and $56,852 and for the three and six months ended June 30, 2019 was $26,512 and $51,499, respectively. The definite lived intangible assets have no residual value at the end of their useful lives.