Annual report pursuant to Section 13 and 15(d)

Other Assets

v3.20.1
Other Assets
12 Months Ended
Dec. 31, 2019
Other Assets  
Other Assets

Note 9 – Other Assets

The Company’s other assets consists of the following:

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

    

2019

    

2018

Other

 

$

 —

 

$

9,192

Private Corporation Investment

 

 

250,000

 

 

250,000

Total Other Assets, Non-Amortizing

 

 

250,000

 

 

259,192

 

 

 

 

 

 

 

Software Development Costs

 

 

300,000

 

 

496,223

Less: Accumulated Amortization

 

 

(200,000)

 

 

(100,000)

Less: Impairment

 

 

 —

 

 

(196,223)

Software Development Costs, Net

 

 

100,000

 

 

200,000

 

 

 

 

 

 

 

Total Other Assets

 

$

350,000

 

$

459,192

 

In the second quarter of 2018, the Company acquired, for a purchase price of $250,000, approximately a 1% ownership interest, in the form of preferred stock, in a private corporation in the low vision near eye display market, which the Company has valued at cost. This investment was recorded at cost as its fair value is not readily determinable. The Company has reviewed this investment and concluded that there were no indicators of impairment present as of December 31, 2019.

Total amortization expense for capitalized software development costs for the years ended December 31, 2019, 2018 and 2017 was $100,000,  $100,000 and $214,838, respectively. The remaining costs of $100,000 are being amortized over one year and are included in Cost of Sales – Products in the Consolidated Statements of Operations. During the year ended December 31, 2018, a $196,223 impairment charge was recorded related to previously capitalized costs related to application software being developed for our M300 Smart Glasses, which was not expected to achieve expected revenue projections and was discontinued in 2018.