Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.3
Intangible Assets
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

7. Intangible Assets

 

Intangible assets, net was as follows:

 

September 30, 2023   Useful Lives (Years)     Gross
Carrying Amount
    Accumulated Amortization     Net
Carrying Amount
 
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (2,054,748 )   $ 76,208  
Paid Member Relationships     5       803,472       (803,472 )     -  
Member Lists     5       8,186,181       (8,111,181 )     75,000  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       442,500       (441,667 )     833  
Contracts and events acquired in acquisitions     3 -12 months       1,377,083       (1,232,383 )     144,700  
              13,588,192       (13,291,451 )     296,741  
Indefinite-lived intangible assets:                                
Trade name                             101,400  
Intangible assets, net                           $ 398,141  

 

December 31, 2022   Useful Lives (Years)     Gross
Carrying Amount
    Accumulated Amortization     Net
Carrying 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 September 30, 2023, estimated amortization expense in future fiscal years is summarized as follows:

 

         
Year ended December 31,      
Remaining of 2023   $ 172,293  
2024     91,114  
2025     33,334  
Net Carrying Amount   $ 296,741  

 

For the three months ended September 30, 2023 and 2022, amortization expense related to intangible assets was approximately $128,000 and $225,000 and for the nine months ended September 30, 2023 and 2022 amortization expense was approximately $379,000 and $724,000, and is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.