Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 6 – INTANGIBLE ASSETS

 

On February 19, 2015, the Company purchased an intangible asset valued at $250,000 for 1,000,000 shares of common stock. Amortization of customer contracts will be included in general and administrative expenses. The Company began amortizing the customer contracts in January 2015. Amortization expense for the three and nine months ended September 30, 2017 and 2016 was $6,250 and $6,250, respectively, and $18,750 and $18,750, respectively. Future amortization of intangible assets is as follows:

 

2017     6,250  
2018     25,000  
2019     25,000  
2020     25,000  
2021 and thereafter     100,000  
Total   $ 181,250  

 

On February 19, 2015, the Company issued 1,000,000 of its common stock, par value $0.0001, at $0.05 per share, or $50,000, to a consultant as compensation for the design and delivery of dual mode gsm/Globalstar Simplex tracking devices and related hardware and intellectual property.