Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.23.1
Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

7. Intangible Assets

 

Intangible assets, net is as follows:

 

    Useful Lives     Gross
Carrying		     Accumulated     Net Carrying  
December 31, 2022   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,997,593 )   $ 133,363  
Paid Member Relationships     5       803,472       (803,472 )     -  
Member Lists     5       8,086,181       (8,086,181 )     -  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       442,500       (441,042 )     1,458  
Contracts acquired in RemoteMore acquisition     3 - 12 months       935,683       (935,683 )     -  
              13,046,792       (12,911,971 )     134,821  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 225,221  

 

 

    Useful Lives     Gross
Carrying		     Accumulated     Net Carrying

 

 
December 31, 2021   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,921,386 )   $ 209,570  
Paid Member Relationships     5       803,472       (803,472 )     -  
Member Lists     5       8,086,181       (8,086,181 )     -  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       442,500       (440,208 )     2,292  
Contracts acquired in RemoteMore acquisition     3-12 months       935,683       (269,664 )     666,019  
              13,046,792       (12,168,911 )     877,881  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 968,281  

 

Future annual estimated amortization expense is summarized as follows:

Schedule of Future Annual Estimated Amortization Expense

Year ended December 31,      
2023   $ 77,041  
2024     57,780  
Net Carrying Amount   $ 134,821  

 

Amortization expense related to intangible assets of $734,346 and $346,080 for the years ended December 31, 2022 and 2021, respectively, is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.