Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

v3.21.1
Intangible Assets, Net
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 8. INTANGIBLE ASSETS, NET

 

Intangible assets, net consisted of the following:

 

    As of 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 and trademarks     70,435       (29,901 )     40,534       2.45 yrs.  
    $ 465,683     $ (321,838 )   $ 143,845          

 

    As of December 31, 2019  
                      Weighted-  
                Net     Average  
    Gross     Accumulated     Carrying     Amortization  
    Amount     Amortization     Amount     Period  
Supply chain development   $ 395,248     $ (193,126 )   $ 202,122       2.30 yrs.  
Patents     56,047       (14,044 )     42,003       3.10 yrs.  
    $ 451,295     $ (207,170 )   $ 244,125          

 

Amortization expense for the years ended December 31, 2020 and 2019, was $114,668 and $106,859, respectively. The definite lived intangible assets have no residual value at the end of their useful lives.

 

As of December 31, 2020, the intangible assets amortization expense to be recognized for each of the succeeding five years are as follows:

 

Years ending December 31,  

Future

Amortization Expense

 
2021   $ 108,924  
2022     24,601  
2023     8,568  
2024     1,752  
    $ 143,845