Quarterly report pursuant to Section 13 or 15(d)

Software Development Costs

v3.21.1
Software Development Costs
3 Months Ended
Mar. 31, 2021
Software Development Costs [Abstract]  
Software Development Costs

4. Software Development Costs

 

The Company has capitalized certain costs for software developed or obtained for internal use during the application development stage as it relates to specific contracts. The amounts capitalized include external direct costs of services used in developing internal-use software and for payroll and payroll-related costs of employees directly associated with the development activities

 

The following table presents details of our software development costs as of March 31, 2021 and December 31, 2020:

 





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Balance at

December 31,

2020

 

Additions

 

Amortization

 

Balance at

March 31,

2021

Software Development Costs

$

439,908 

 

$

50,588 

 

$

(99,209)

 

$

391,287 



$

439,908 

 

$

50,588 

 

$

(99,209)

 

$

391,287 

 

Software development costs are being amortized on a straight-line basis over their estimated useful life of two years.

 

Amortization expense for software development costs was $99,209 and $130,212 for the three months ended March 31, 2021 and 2020, respectively.

 

The estimated future amortization expense of software development costs as of March 31, 2021 is as follows:

 





 

 



 

 

Year ending December 31,

Amount

2021

$

265,402 

2022

 

119,555 

2023

 

6,330 

2024

 

 —

2025

 

 —

Thereafter

 

 —

Total

$

391,287