Annual report pursuant to Section 13 and 15(d)

Intangible Assets (Tables)

v3.20.1
Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets

Intangible assets, net is as follows:

 

December 31, 2019  

Useful
Lives

(Years)

   

Gross
Carrying

Amount

   

Accumulated

Amortization

   

Net

Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,768,971 )   $ 361,985  
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       440,000       (440,000 )     -  
              12,108,609       (11,746,624 )     361,985  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 452,385  

  

December 31, 2018  

Useful
Lives

(Years)

   

Gross
Carrying

Amount

   

Accumulated

Amortization

   

Net

Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,692,764 )   $ 438,192  
Paid Member Relationships     5       803,472       (758,972 )     44,500  
Member Lists     5       8,086,181       (7,638,331 )     447,850  
Developed Technology     3       648,000       (648,000 )     -  
Trade Name/Trademarks     4       440,000       (440,000 )     -  
              12,108,609       (11,178,067 )     930,542  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 1,020,942  

Schedule of Future Annual Estimated Amortization Expense

Future annual estimated amortization expense is summarized as follows:

 

Years ending December 31,      
2020   $ 62,954  
2021     62,954  
2022     62,954  
Thereafter     173,123  
    $ 361,985  

Schedule of Impaired Intangible Assets

    2019     2018  
Impairment charge on NAPW   $ -     $ 2,796,391