Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.23.3
Intangible Assets, Net
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

Note 6 — Intangible Assets, Net

 

The following table summarizes intangible assets, net:

 

    Useful
Life
  September 30,
2023
    December 31,
2022
 
Capitalized software development costs   1-5 years   $ 4,016,771     $ 2,177,053  
Purchased technology   1-15 years     72,488       28,500  
Brand name   10 years     1,377,461      
-
 
Total intangible assets         5,466,720       2,205,553  
Less: Accumulated amortization         (2,934,657 )     (937,880 )
Total intangible assets, net       $ 2,532,063     $ 1,267,673  

 

Amortization expenses were $716,469 and $202,723 for the three months ended September 30, 2023 and 2022, respectively and $1,996,777 and $475,872 for the nine months ended September 30, 2023 and 2022, respectively.

 

As of September 30, 2023, estimated future amortization expense is expected as follows:

 

Remainder of 2023   $ 402,004  
2024     322,127  
2025     322,127  
2026     322,127  
2027     322,127  
Thereafter     841,551  
    $ 2,532,063