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