Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill

v3.23.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2022
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 7 – INTANGIBLE ASSETS AND GOODWILL

 

On December 31, 2022 and 2021, intangible assets, which were acquired from Mobile in 2021 (See Note 3), consisted of the following:

 

    Useful life   December 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         (72,598 )     (22,095 )
Intangible assets, net       $ 279,918     $ 330,421  

 

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

 

For the years ended December 31, 2022 and 2021, amortization expense of intangible assets amounted to $50,503 and $22,095, respectively. On December 31, 2022, accumulated amortization amounted to $61,098 and $11,500 for the customer relations and non-compete, respectively. On December 31, 2021, accumulated amortization amounted to $18,595 and $3,500 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 December 31:   Amount  
2023   $ 50,503  
2024     50,503  
2025     50,503  
2026     28,409  
Total   $ 179,918