Quarterly report pursuant to Section 13 or 15(d)

Intangible Asset, Net

v3.21.2
Intangible Asset, Net
6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Asset, Net

NOTE 8 - Intangible Asset, Net

 

As of June 30, 2021 and December 31, 2020, the cost and accumulated amortization for intangible asset were as follows:

 

    June 30,
2021
    December 31,
2020
 
    (Unaudited)          
Satellite system software   $ 4,950,000     $ 4,950,000  
Accumulated amortization     (2,805,000 )     (2,557,500 )
Net   $ 2,145,000     $ 2,392,500  

 

Amortization expense was $123,750 (unaudited) and $123,750 (unaudited) for the three-month periods ended June 30, 2021 and 2020, respectively, and $247,500 (unaudited) and $247,500 (unaudited) for the six-month periods ended June 30, 2021 and 2020, respectively.