Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS, NET, AND GOODWILL (Tables)

v3.20.1
INTANGIBLE ASSETS, NET, AND GOODWILL (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Intangible assets, net, consists of the following as of December 31, 2019 and 2018:
 
2019
 
2018
Cost:
 
 
 
Patents
$
1,801,000

 
$
1,507,000

Domain name
22,000

 
22,000

Client Base (1)
144,000

 
142,000

Trademark (1)
18,000

 
17,000

Backlog (1)
13,000

 
13,000

Technology
77,000

 
77,000

 
2,075,000

 
1,778,000

Less: Accumulated amortization
(499,000
)
 
(404,000
)
Intangible assets, net
$
1,576,000

 
$
1,374,000

(1)
Includes the impact of foreign currency translation. The total impact at December 31, 2018 was $1,000 and there was no impact at December 31, 2019.    
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table summarizes the estimated amortization expense relating to the intangible assets as of December 31, 2019:
Years ending December 31,
 
2020
$
94,000

2021
85,000

2022
75,000

2023
72,000

2024
71,000

2025 and thereafter
554,000

Total amortization expense
$
951,000

Schedule of Goodwill
The following table summarizes goodwill arising from the acquisition of GVR Trade:
 
Goodwill
Balance at January 1, 2018
$
824,000

Effect of currency translation
(7,000
)
Balance at December 31, 2018
$
817,000

Effect of currency translation
14,000

Balance at December 31, 2019
$
831,000