Quarterly report pursuant to Section 13 or 15(d)

Licenses, Net

v3.20.1
Licenses, Net
3 Months Ended
Mar. 31, 2020
Licenses, Net  
Licenses, Net

Note 5 – Licenses, Net

 

 

 

 

 

 

 

 

 

    

March 31, 2020

    

December 31, 2019

Licenses

 

$

493,717

 

$

493,717

Less: Accumulated Amortization

 

 

(227,123)

 

 

(179,301)

Additions

 

 

544,889

 

 

 —

 

 

 

811,483

 

 

314,416

Less: Current Portion

 

 

(527,249)

 

 

 —

Licenses, Net

 

$

284,234

 

$

314,416

 

In January 2020, the Company entered into a global non-exclusive master reseller agreement for certain smart glasses software under which it committed to sell a minimum number of software licenses in 2020. The amount capitalized, included in current assets on the Consolidated Balance Sheets, will be expensed to cost of goods sold during the period based on actual software licenses sold, with any of the remaining prepaid licenses expensed at the end of the master reseller agreement’s term.