Quarterly report pursuant to Section 13 or 15(d)

Intangible assets, net

v3.21.2
Intangible assets, net
9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 9 — Intangible assets, net

 

As of September 30, 2021, intangible assets consisted of the following:

 

        Weight                    
    Estimated     Average

    Gross           Net  
    Useful

    Useful     Carrying     Accumulated     Carrying  
    Life     Life     Amount     Amortization     Amount  
Finite lived intangible assets:          

                         
Customer relationships     15 years       11.9 years     $ 670,000     $ 137,722     $ 532,278  
Developed technology     7 years       6.8 years       156,172,041       5,314,266       150,857,775  
Membership network     7 years       3.9 years       1,740,000       766,429       973,571  
Digital media     7 years       6.1 years       1,552,500       194,063       1,358,437  
Total finite lived intangible assets                   $ 160,134,541     $ 6,412,480     $ 153,722,061  
                                         
Indefinite lived intangible assets:                                        
Trademarks and tradenames     Indefinite             $ 1,240,000     $ -     $ 1,240,000  
Total indefinite lived intangible assets                   $ 1,240,000     $ -     $ 1,240,000  
Total intangible assets                   $ 161,374,541     $ 6,412,480     $ 154,962,061  

 

The Company’s preliminary purchase price allocation for the Lomotif acquisition has allocated all of the proceeds in excess of the identifiable tangible assets to developed technology, a identifiable intangible assets (See Note 3 — Acquisitions and Divestitures).

 

As of December 31, 2020, intangible assets consisted of the following:

 

          Weighted                    
    Estimated     Average     Gross           Net  
    Useful     Useful     Carrying     Accumulated     Carrying  
    Life     Life     Amount     Amortization     Amount  
Finite lived intangible assets:                                        
Customer relationships     15 years       12.8 years     $ 4,270,000     $ 624,223     $ 3,645,777  
Developed technology     7 years       5.9 years       7,400,000       1,330,476       6,069,524  
Membership network     7 years       4.7 years       1,740,000       580,000       1,160,000  
Digital media     7 years       6.9 years       1,552,500       29,464       1,523,036  
Total finite lived intangible assets                   $ 14,962,500     $ 2,564,163     $ 12,398,337  
                                         
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                   $ 18,102,500     $ 2,564,163     $ 15,538,337  

 

Amortization expense for the nine months ended September 30, 2021 and 2020 was $4,907,365 and $825,821, respectively.

 

The estimated future amortization of intangibles subject to amortization at December 31, 2020 was as follows:

 

For the Years Ended December 31,   Amount  
2021 (excludes amortization through September 30, 2021)   $ 5,586,844  
2022     22,347,373  
2023     22,347,373  
2024     22,347,373  
2025     22,135,945  
Thereafter   58,957,153  
Total   $

153,722,061