Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
3 Months Ended
Mar. 31, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

5. Intangible Assets

 

Intangible assets, net is as follows:

 

March 31, 2018  

Useful Lives

(Years)

   

Gross

Carrying

Amount

   

Accumulated

Amortization

   

Net Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 3,970,000     $ (1,395,014 )   $ 2,574,986  
Paid Member Relationships     5       890,000       (625,472 )     264,528  
Member Lists     5       8,957,000       (6,294,781 )     2,662,219  
Developed Technology     3       978,000       (978,000 )     -  
Trade Name/Trademarks     4       480,000       (419,861 )     60,139  
Customer Relationships     5       280,000       (186,667 )     93,333  
            $ 15,555,000     $ (9,899,795 )     5,655,205  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 5,745,605  

 

December 31, 2017  

Useful Lives

(Years)

   

Gross

Carrying

Amount

   

Accumulated

Amortization

   

Net Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 3,970,000     $ (1,295,764 )   $ 2,674,236  
Paid Member Relationships     5       890,000       (580,972 )     309,028  
Member Lists     5       8,957,000       (5,846,931 )     3,110,069  
Developed Technology     3       978,000       (978,000 )     -  
Trade Name/Trademarks     4       480,000       (389,861 )     90,139  
Customer Relationships     5       280,000       (172,667 )     107,333  
            $ 15,555,000     $ (9,264,195 )     6,290,805  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 6,381,205  

 

Future annual estimated amortization expense is summarized as follows:

 

Years ending December 31,      
2018 (nine months)   $ 1,876,939  
2019     1,898,030  
2020     397,000  
2021     397,000  
2022     397,000  
Thereafter     689,236  
    $ 5,655,205  

 

Amortization expense of $636,000 and $717,100 for the three months ended March 31, 2018 and 2017, respectively, is recorded in depreciation and amortization expense in the accompanying condensed consolidated statements of operations and comprehensive loss.