Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.1
Intangible Assets
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

6. Intangible Assets

 

Intangible assets, net was as follows:

 

    Useful Lives    

Gross

Carrying

    Accumulated     Net Carrying  
March 31, 2021   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,864,230 )   $ 266,726  
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       (11,765,676 )     266,726  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 357,126  

 

    Useful Lives    

Gross

Carrying

    Accumulated     Net Carrying  
December 31, 2020   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,845,178 )   $ 285,778  
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       (11,822,831 )     285,778  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 376,178  

 

As of March 31, 2021, estimated amortization expense in future fiscal years is summarized as follows:

 

Year ended December 31,      
Remaining of 2021   $ 57,156  
2022     76,207  
2023     76,207  
2024     57,156  
    $ 266,726  

 

For the three months ended March 31, 2021 and 2020, amortization expense was approximately $19,000, respectively, and is recorded in depreciation and amortization expense in the accompanying statements of operations.