Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET

v3.21.2
INTANGIBLE ASSETS, NET
6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 9. INTANGIBLE ASSETS, NET

 

Intangible assets consisted of the following:

 

    June 30, 2021  
                      Weighted-  
                Net     Average  
    Gross     Accumulated     Carrying     Amortization  
    Amount     Amortization     Amount     Period  
Supply chain development   $ 404,622     $ (341,548 )   $ 63,074       0.62 yrs.  
Patents and trademarks     114,573       (40,313 )     74,260       2.59 yrs.  
    $ 519,195     $ (381,861 )   $ 137,334          

 

    December 31, 2020  
                      Weighted-  
                Net     Average  
    Gross     Accumulated     Carrying     Amortization  
    Amount     Amortization     Amount     Period  
Supply chain development   $ 395,248     $ (291,937 )   $ 103,311       1.05 yrs.  
Patents     70,435       (29,901 )     40,534       2.45 yrs.  
    $ 465,683     $ (321,838 )   $ 143,845          

 

 

Amortization expense for the three months ended June 30, 2021 and 2020, was $30,839 and $28,635 and for the six months ended June 30, 2021 and 2020, was $60,023 and $56,852, respectively. The definite lived intangible assets have no residual value at the end of their useful lives.