Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.22.1
Intangible Assets and Goodwill
 3 Months Ended
Mar. 31, 2022
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 - INTANGIBLE ASSETS AND GOODWILL

 

On March 31, 2022 and December 31, 2021, intangible assets, which were acquired from Mobile in July 2021, consisted of the following:

 

    Useful life     March 31,
2022		     December 31,
2021		  
Customer relations     5 years     $ 212,516     $ 212,516  
Non-compete     5 years       40,000       40,000  
Trade name    
-
       100,000       100,000  
              352,516       352,516  
Less: accumulated amortization             (34,721 )     (22,095 )
Intangible assets, net           $ 317,795     $ 330,421  

 

    Useful life     March 31,
2022		     December 31,
2021		  
Goodwill    
-
     $ 350,491     $ 350,491  

 

For the three months ended March 31, 2022 and 2021, amortization of intangible assets amounted to $12,626 and $0, respectively. On March 31, 2022, accumulated amortization amounted to $29,221 and $5,500 for the customer relations and non-compete, respectively.

 

Amortization of intangible assets with identifiable useful lives that is attributable to future periods is as follows:

 

Twelve months ending March 31:   Amount  
2023   $ 50,503  
2024     50,503  
2025     50,503  
2026     50,503  
2027     15,783  
Total   $ 217,795