Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.7.0.1
Intangible Assets
6 Months Ended
Jun. 30, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
5. Intangible Assets

Intangible assets, net is as follows:

June 30, 2017
 
Useful Lives
(Years)
   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Net
Carrying
Amount
 
Long-lived intangible assets:
                       
Sales Process
   
10
   
$
3,970,000
   
$
(1,097,264
)
 
$
2,872,736
 
Paid Member Relationships
   
5
     
890,000
     
(491,972
)
   
398,028
 
Member Lists
   
5
     
8,957,000
     
(4,951,231
)
   
4,005,769
 
Developed Technology
   
3
     
978,000
     
(881,166
)
   
96,834
 
Trade Name/Trademarks
   
4
     
480,000
     
(329,861
)
   
150,139
 
Customer Relationships
   
5
     
280,000
     
(144,667
)
   
135,333
 
 
         
$
15,555,000
   
$
(7,896,161
)
   
7,658,839
 
Indefinite-lived intangible assets:
                               
Trade Name
                           
90,400
 
 
                               
Intangible assets, net
                         
$
7,749,239
 
 
December 31, 2016
 
Useful Lives
(Years)
   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Net
Carrying
Amount
 
Long-lived intangible assets:
                       
Sales Process
   
10
   
$
3,970,000
   
$
(898,764
)
 
$
3,071,236
 
Paid Member Relationships
   
5
     
890,000
     
(402,972
)
   
487,028
 
Member Lists
   
5
     
8,957,000
     
(4,055,531
)
   
4,901,469
 
Developed Technology
   
3
     
978,000
     
(718,166
)
   
259,834
 
Trade Name/Trademarks
   
4
     
480,000
     
(269,861
)
   
210,139
 
Customer Relationships
   
5
     
280,000
     
(116,667
)
   
163,333
 
 
         
$
15,555,000
   
$
(6,461,961
)
   
9,093,039
 
Indefinite-lived intangible assets:
                               
Trade Name
                           
90,400
 
 
                               
Intangible assets, net
                         
$
9,183,439
 

Future annual estimated amortization expense is summarized as follows:

Years ending December 31,
     
2017 (six months)
 
$
1,368,033
 
2018
   
2,563,872
 
2019
   
1,846,697
 
2020
   
397,000
 
2021
   
397,000
 
2022
   
397,000
 
Thereafter
   
689,237
 
 
 
$
7,658,839
 
 
Amortization expense of $717,100 for the three months ended June 30, 2017 and 2016 and $1,434,200 for the six months ended June 30, 2017 and 2016 is recorded in depreciation and amortization expense in the accompanying condensed consolidated statements of operations and comprehensive loss.