Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

v3.19.2
INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)
6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

NOTE 5 – INTANGIBLE ASSETS, NET (OTHER THAN GOODWILL)

 

The Company’s intangible assets consist of a customer list and non-compete acquired from Amos Audiology (see Note 2) and a Technology Access Fee required to be paid by the Company in connection with a manufacturing design and marketing agreement executed with a supplier (see Note 13). The estimated useful lives of these intangible assets are as follows:

 

Customer list

2 years
Non-compete 2 years
Technology access fee 10 years

 

The Company's intangible assets consisted of the following at June 30, 2019, and December 31, 2018:

 

    June 30,
2019
  December 31,
2018
Customer list   $ 300     $ 300  
Non-compete     12,708       12,708  
Technology access fee     1,000,000       1,000,000  
Amortization     (80,420 )     (2,168 )
Balance   $ 932,588     $ 1,010,840  

 

The Company recognized $26,626 and $78,252 of amortization expense for the three and six months ended June 30, 2019, respectively.