Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.23.2
Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2023
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

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

 

    Useful life   June 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         (97,850 )     (72,598 )
Intangible assets, net       $ 254,666     $ 279,918  

 

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

 

For the six months ended June 30, 2023 and 2022, amortization expense of intangible assets amounted to $25,252 and $25,252, respectively. On June 30, 2023, accumulated amortization amounted to $82,350 and $15,500 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 June 30:   Amount  
2024   $ 50,503  
2025     50,503  
2026     50,503  
2027     3,157  
Total   $ 154,666