Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.1
Intangible Assets
3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

7. Intangible Assets

 

Intangible assets, net was as follows:

    Useful Lives     Gross
Carrying
    Accumulated     Net Carrying  
March 31, 2023   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (2,016,645 )   $ 114,311  
Paid Member Relationships     5       803,472       (803,472 )     -  
Member Lists     5       8,186,181       (8,094,514 )     91,667  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       442,500       (441,250 )     1,250  
Contracts and events acquired in acquisitions     3 - 12 months       1,377,083       (1,027,783 )     349,300  
              13,588,192       (13,031,664 )     556,528  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 646,928  

 

    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  

 

As of March 31, 2023, estimated amortization expense in future fiscal years is summarized as follows:

 

         
Year ended December 31,      
Remaining of 2023   $ 432,081  
2024     91,114  
2025     33,333  
Net Carrying Amount   $ 556,528  

 

For the three months ended March 31, 2023 and 2022, amortization expense was approximately $120,000 and $275,000, respectively, and is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.