Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net (Tables)

v3.20.1
Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
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