Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets (Tables)

v3.20.2
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Intangible Assets

Intangible assets, net was as follows:

 

        Gross              
    Useful Lives   Carrying     Accumulated     Net Carrying  
June 30, 2020   (Years)   Amount     Amortization     Amount  
Long-lived intangible assets:                            
Sales Process   10   $ 2,130,956     $ (1,807,075 )   $ 323,881  
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       (11,784,728 )     323,881  
Indefinite-lived intangible assets:                            
Trade name                         90,400  
Intangible assets, net                       $ 414,281  

 

        Gross              
    Useful Lives   Carrying     Accumulated     Net Carrying  
December 31, 2019   (Years)   Amount     Amortization     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  

Schedule of Future Annual Estimated Amortization Expense

As of June 30, 2020, estimated amortization expense in future fiscal years is summarized as follows:

 

Year ended December 31,      
Remaining of 2020   $ 38,103  
2021     76,207  
2022     76,207  
2023     76,207  
2024 and thereafter     57,157  
    $ 323,881