Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.10.0.1
Intangible Assets
6 Months Ended
Jun. 30, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

5. Intangible Assets

 

Intangible assets, net is as follows:

 

June 30, 2018  

Useful Lives

(Years)

   

Gross

Carrying

Amount

   

Accumulated

Amortization

   

Net Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 3,970,000     $ (1,494,264 )   $ 2,475,736  
Paid Member Relationships     5       890,000       (669,972 )     220,028  
Member Lists     5       8,957,000       (6,742,631 )     2,214,369  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       440,000       (414,027 )     25,973  
            $ 14,905,000     $ (9,968,894 )     4,936,106  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 5,026,506  

 

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       648,000       (648,000 )     -  
Trade Name/Trademarks     4       440,000       (359,027 )     80,973  
            $ 14,905,000     $ (8,730,694 )     6,174,306  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 6,264,706  

 

Future annual estimated amortization expense is summarized as follows:

 

Years ending December 31,      
2018 (six months)   $ 1,209,172  
2019     1,846,697  
2020     397,000  
2021     397,000  
2022     397,000  
Thereafter     689,236  
    $ 4,936,105  

 

Amortization expense of $619,000 and $673,000 for the three months ended June 30, 2018 and 2017, respectively, and $1,238,000 and $1,346,000 for the six months ended June 30, 2018 and 2017, respectively, is recorded in depreciation and amortization expense in the accompanying condensed consolidated statements of operations and comprehensive loss.