Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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

NOTE 8. INTANGIBLE ASSETS, NET

 

Intangible assets consisted of the following:

 

 
    September 30, 2020  
                      Weighted-  
                Net     Average  
    Gross     Accumulated     Carrying     Amortization  
    Amount     Amortization     Amount     Period  
Supply chain development   $ 395,249     $ (267,235 )   $ 128,014       1.30 yrs.  
Patents and trademarks     67,776       (25,591 )     42,185       2.49 yrs.  
    $ 463,025     $ (292,826 )   $ 170,199          

 

    December 31, 2019  
                      Weighted-  
                Net     Average  
    Gross     Accumulated     Carrying     Amortization  
    Amount     Amortization     Amount     Period  
Supply chain development   $ 395,249     $ (193,127 )   $ 202,122       2.30 yrs.  
Patents     56,047       (14,044 )     42,003       3.10 yrs.  
    $ 451,296     $ (207,171 )   $ 244,125          

 

Amortization expense for the three and nine months ended September 30, 2020 was $28,805 and $85,656 and for the three and nine months ended September 30, 2019 was $27,588 and $79,087, respectively. The definite lived intangible assets have no residual value at the end of their useful lives.