Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
12 Months Ended
Dec. 31, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets

6. Intangible Assets

 

Intangible assets, net is as follows:

 

December 31, 2017  

Useful Lives

(Years)

   

Gross
Carrying

Amount

   

Accumulated

Amortization

   

Net Carrying

Amount

 
Long-lived intangible assets:                                
Sales Process     10     $ 3,970,000     $ (1,295,764 )   $ 2,674,236  
Paid Member Relationships     5       890,000       (580,972 )     309,028  
Member Lists     5       8,957,000       (5,846,931 )     3,110,069  
Developed Technology     3       978,000       (978,000 )     -  
Trade Name/Trademarks     4       480,000       (389,861 )     90,139  
Customer Relationships     5       280,000       (172,667 )     107,333  
              15,555,000       (9,264,195 )     6,290,805  
Indefinite-lived intangible assets:                                
Trade Name                             90,400  
                                 
Intangible assets, net                           $ 6,381,205  

 

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,      
2018   $ 2,512,539  
2019     1,898,030  
2020     397,000  
2021     397,000  
2022     397,000  
Thereafter     689,237  
    $ 6,290,806  

 

Amortization expense of $2,802,233 and $2,868,400 for the years ended December 31, 2016 and 2015, respectively, is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.