Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
5 INTANGIBLE ASSETS

 

Property and equipment stated at cost, less accumulated depreciation, consisted of the following:

 

   

March 31,

2021

    December 31, 2020  
    (unaudited)        
ECS Membership agreement   $ 465,000     $ 465,000  
Customer relationships     183,255       183,255  
Noncompetition agreement     201,389       201,389  
Trade names     617,474       617,474  
Proprietary software     4,286,403       4,286,403  
      5,753,521       5,753,521  
Less: Accumulated Depreciation     (1,829,906 )     (1,627,779 )
    $ 3,923,615     $ 4,125,742  

 

Amortization expense of intangible assets for the three months ended March 31, 2021 and 2020 total $202,127 and $200,028, respectively. As of December 31, 2020, the weighted average remaining useful lives of these assets were 6.55 years.

 

The carrying amount of goodwill was $866,782 at March 31, 2021 and December 31, 2020. There were no changes in the carrying amount of goodwill during the period.

 

No impairment in the carrying amount of goodwill was recognized during the three months ended March 31, 2021 and 2020.