Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.21.1
Intangible Assets, Net
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 8. INTANGIBLE ASSETS, NET

 

Intangible assets consisted of the following:

    March 31, 2021  
                      Weighted-  
                Net     Average  
    Gross     Accumulated     Carrying     Amortization  
    Amount     Amortization     Amount     Period  
Supply chain development   $ 395,248     $ (316,640 )   $ 78,608        0.80 yrs.  
Patents and trademarks     86,618       (34,382 )     52,236       2.41 yrs.  
    $ 481,866     $ (351,022 )   $ 130,844          

 

    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 March 31, 2021 and 2020 was $29,184 and $28,217, respectively. The definite lived intangible assets have no residual value at the end of their useful lives.