Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.22.2.2
Intangible Assets
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

7. Intangible Assets

 

Intangible assets, net was as follows:

 

   

Useful Lives

   

Gross

Carrying

    Accumulated     Net
Carrying
 
September 30, 2022   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,978,541 )   $ 152,415  
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       (440,833 )     1,667  
Contracts acquired in RemoteMore acquisition     3-12 months       935,683       (935,683 )     -  
              13,046,792       (12,892,710 )     154,082  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 244,482  

 

    Useful Lives     Gross
Carrying
    Accumulated     Net
Carrying
 
December 31, 2021   (Years)     Amount     Amortization     Amount  
Long-lived intangible assets:                                
Sales Process     10     $ 2,130,956     $ (1,921,386 )   $ 209,570  
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       (440,208 )     2,292  
Contracts acquired in RemoteMore acquisition     3-12 months       935,683       (269,664 )     666,019  
              13,046,792       (12,168,911 )     877,881  
Indefinite-lived intangible assets:                                
Trade name                             90,400  
Intangible assets, net                           $ 968,281  

 

 

As of September 30, 2022, estimated amortization expense in future fiscal years is summarized as follows:

 

 

Year ended December 31,      
Remaining of 2022   $ 19,260  
2023     77,041  
2024     57,781  
Net Carrying Amount   $ 154,082  

 

For the three months ended September 30, 2022 and 2021, amortization expense was approximately $225,000 and $19,000, and for the nine months ended September 30, 2022 and 2021 amortization expense was approximately $724,000 and $57,000, and is recorded in depreciation and amortization expense in the accompanying condensed consolidated statements of operations.