Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
9 Months Ended
Sep. 30, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

5. Intangible Assets

 

Intangible assets, net is as follows:

 

September 30, 2018  

Useful Lives

(Years)

   

Gross

Carrying

Amount

   

Accumulated

Amortization

   

Net Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 3,970,000     $ (1,593,514 )   $ 2,376,486  
Paid Member Relationships     5       890,000       (714,472 )     175,528  
Member Lists     5       8,957,000       (7,190,480 )     1,766,520  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       440,000       (440,000 )     -  
            $ 14,905,000     $ (10,586,466 )     4,318,534  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 4,408,934  

 

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 (three months)   $ 591,600  
2019     1,846,697  
2020     397,000  
2021     397,000  
2022     397,000  
Thereafter     689,237  
    $ 4,318,534  

 

Amortization expenses of $618,000 and $670,000 were the three months ended September 30, 2018 and 2017, respectively, and $1,866,000 and $2,016,000 for the nine months ended September 30, 2018 and 2017, respectively, and are recorded in depreciation and amortization expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.