Intangible Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets |
6. INTANGIBLE ASSETS
Intangible assets consist of the following:
On October 16, 2018, the Company entered into a software license agreement with Oracle America, Inc. for the purchase of a three-year license, related training, custom programming and implementation of NetSuite SuiteSuccess Wholesale/Distribution Emerging Edition Cloud Service. The performance obligations of NetSuite commenced in December 2018. The Company’s payment obligations were deferred for six months from NetSuite’s performance obligation date; however, the payment schedule was condensed to a 30-month schedule of equal monthly payments. The Company’s outstanding liability of $59,572 and $131,762 as of December 31, 2020 and 2019, respectively, is included within other current liabilities and other liabilities on the consolidated balance sheets.
During the year ended December 31, 2019, the Company determined the carrying value of its trademarks and patents was not recoverable and, as a result, recorded an impairment charge of $83,135 which was included within general and administrative expenses on the consolidated statement of operations.
Amortization expense related to intangible assets was $61,380 and $89,442 for the years ended December 31, 2020 and 2019, respectively.
The estimated future amortization expense is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||