Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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

5. INTANGIBLE ASSETS

 

 

    June 30, 2021     December 31, 2020     Useful Lives
Internal use software   $ 184,141     $ 184,141     3 years
Capitalized engineering costs     281,321       -     Indefinite
Trade name     342,744       -     1.5 years
Customer relationships     1,800,013       -     5.6 years
Favorable leases     291,697       -     1.6 years
Internally developed technology     1,232,420       -     3 years
Non-compete agreements     148,279       -     2 years
Intangible assets, gross     4,280,615       184,141      
Less: accumulated amortization     (298,417 )     (138,106 )    
Intangible assets, net   $ 3,982,198     $ 46,035      

 

Amortization expense during the three months ended June 30, 2021 and 2020 was $144,967 and $15,345, respectively. Amortization expense during the six months ended June 30, 2021 and 2020 were $160,311 was $30,690, respectively.

 

See Note 3 - Business Combination for additional details.