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