| Schedule of Intangible Assets |
As of December 31, 2019, intangible assets
consisted of the following:
| |
|
|
|
|
|
|
|
|
|
|
Gross |
|
|
|
|
|
|
|
Net |
|
| |
|
|
|
|
|
|
|
|
|
|
Carrying |
|
|
|
Accumulated |
|
|
|
Carrying |
|
| |
|
|
|
|
|
|
|
|
|
|
Amount |
|
|
|
Amortization |
|
|
|
Amount |
|
| Finite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
|
15 years |
|
|
|
13.8 years |
|
|
$ |
4,270,000 |
|
|
$ |
339,556 |
|
|
$ |
3,930,444 |
|
| Developed technology |
|
|
7 years |
|
|
|
5.7 years |
|
|
|
3,800,000 |
|
|
|
697,619 |
|
|
|
3,102,381 |
|
| Membership network |
|
|
7 years |
|
|
|
5.7 years |
|
|
|
1,740,000 |
|
|
|
331,429 |
|
|
|
1,408,571 |
|
| Non-compete agreements |
|
|
2 years |
|
|
|
.7 years |
|
|
|
50,000 |
|
|
|
33,333 |
|
|
|
16,667 |
|
| Total finite lived intangible assets |
|
|
|
|
|
|
|
|
|
$ |
9,860,000 |
|
|
$ |
1,401,937 |
|
|
$ |
8,458,063 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indefinite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks and tradenames |
|
|
Indefinite |
|
|
|
|
|
|
$ |
3,140,000 |
|
|
$ |
- |
|
|
$ |
3,140,000 |
|
| Total indefinite lived intangible assets |
|
|
|
|
|
|
|
|
|
$ |
3,140,000 |
|
|
$ |
- |
|
|
$ |
3,140,000 |
|
| Total intangible assets |
|
|
|
|
|
|
|
|
|
$ |
13,000,000 |
|
|
$ |
1,401,937 |
|
|
$ |
11,598,063 |
|
As of December 31, 2018, intangible assets
consisted of the following:
| |
|
|
|
|
|
|
|
Gross |
|
|
|
|
|
Net |
|
| |
|
|
|
|
|
|
|
Carrying |
|
|
Accumulated |
|
|
Carrying |
|
| |
|
|
|
|
|
|
|
Amount |
|
|
Amortization |
|
|
Amount |
|
| Finite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer relationships |
|
|
15 years |
|
|
|
14.8 years |
|
|
$ |
4,270,000 |
|
|
$ |
61,555 |
|
|
$ |
4,208,445 |
|
| Developed technology |
|
|
7 years |
|
|
|
6.7 years |
|
|
|
3,800,000 |
|
|
|
159,524 |
|
|
|
3,640,476 |
|
| Membership network |
|
|
7 years |
|
|
|
6.7 years |
|
|
|
1,740,000 |
|
|
|
82,857 |
|
|
|
1,657,143 |
|
| Non-compete agreements |
|
|
2 years |
|
|
|
1.7 years |
|
|
|
50,000 |
|
|
|
8,333 |
|
|
|
41,667 |
|
| Total finite lived intangible assets |
|
|
|
|
|
|
|
|
|
$ |
9,860,000 |
|
|
$ |
312,269 |
|
|
$ |
9,547,731 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indefinite lived intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks and tradenames |
|
|
Indefinite |
|
|
|
|
|
|
$ |
3,140,000 |
|
|
$ |
- |
|
|
$ |
3,140,000 |
|
| Total indefinite lived intangible assets |
|
|
|
|
|
|
|
|
|
$ |
3,140,000 |
|
|
$ |
- |
|
|
$ |
3,140,000 |
|
| Total intangible assets |
|
|
|
|
|
|
|
|
|
$ |
13,000,000 |
|
|
$ |
312,269 |
|
|
$ |
12,687,731 |
|
|
| Schedule of Estimated Future Amortization of Intangibles |
The estimated future amortization of intangibles
subject to amortization at December 31, 2019 was as follows:
| For the Years Ended December 31, |
|
|
Amount |
|
| 2020 |
|
$ |
1,092,762 |
|
| 2021 |
|
|
1,076,095 |
|
| 2022 |
|
|
1,076,095 |
|
| 2023 |
|
|
1,076,095 |
|
| 2024 |
|
|
1,076,095 |
|
| Thereafter |
|
$ |
3,060,921 |
|
|