Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.23.3
Intangible Assets and Goodwill
 9 Months Ended
Sep. 30, 2023
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

On September 30, 2023 and December 31, 2022, intangible assets, which were acquired from Mobile in 2021, consisted of the following:

 

    Useful life   September 30,
2023		     December 31,
2022		  
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         (110,476 )     (72,598 )
Intangible assets, net       $ 242,040     $ 279,918  

 

    Useful life   September 30,
2023		     December 31,
2022		  
Goodwill  
-
   $ 350,491     $ 350,491  

 

For the nine months ended September 30, 2023 and 2022, amortization expense of intangible assets amounted to $37,878 and $37,878, respectively. On September 30, 2023, accumulated amortization amounted to $92,976 and $17,500 for the customer relations and non-compete, respectively. On December 31, 2022, accumulated amortization amounted to $61,098 and $11,500 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 September 30:   Amount  
2024   $ 50,503  
2025     50,503  
2026     41,034  
Total   $ 142,040