Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Other Intangible Assets, Net The following intangible assets have finite lives and are being amortized using the straight-line method over their estimated economic lives as follows:

Patents

 

52 - 240 months

Client relationships

 

264 months

Trademarks

 

360 months

Non-compete agreements

 

108 months

Internally-developed software

 

12 - 36 months

 

Other intangible assets, net consisted of the following at December 31,:

 

 

2019

 

 

2018

 

Patents

 

$

13,485,000

 

 

$

13,485,000

 

Customer relationships

 

 

3,400,000

 

 

 

3,400,000

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Internally-developed software

 

 

183,415

 

 

 

126,015

 

Other intangible assets, gross

 

 

20,609,382

 

 

 

20,551,982

 

Less: accumulated amortization

 

 

(13,178,739

)

 

 

(11,661,730

)

Other intangible assets, net

 

$

7,430,643

 

 

$

8,890,252