Annual report pursuant to Section 13 and 15(d)

Note 7 - Intangible Assets

v3.24.1
Note 7 - Intangible Assets
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

7. Intangible Assets

 

Intangible assets, net is as follows:

           

Gross

           

Net

 
   

Useful Lives

   

Carrying

   

Accumulated

   

Carrying

 

December 31, 2023

 

(Years)

   

Amount

   

Amortization

   

Amount

 

Long-lived intangible assets:

                               

Sales Process

    10     $ 2,130,956     $ (2,073,800 )   $ 57,156  

Paid Member Relationships

    5       803,472       (803,472 )     -  

Member Lists

    5       8,186,181       (8,119,514 )     66,667  

Developed Technology

    3       648,000       (648,000 )     -  

Trade Name/Trademarks

    4       442,500       (441,875 )     625  

Contracts acquired in RemoteMore acquisition (months)

    3 - 12       1,377,083       (1,377,083 )     -  
              13,588,192       (13,463,744 )     124,448  

Indefinite-lived intangible assets:

                               

Trade name

                            101,400  

Intangible assets, net

                          $ 225,848  

 

           

Gross

           

Net

 
   

Useful Lives

   

Carrying

   

Accumulated

   

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 (months)

    3 - 12       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  

 

Future annual estimated amortization expense is summarized as follows:

 

Year ended December 31,

       

2024

  $ 91,115  

2025

    33,333  

Net Carrying Amount

  $ 124,448  

 

Amortization expense related to intangible assets of $551,774 and $743,349 for the years ended December 31, 2023, and 2022, respectively, is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.