Annual report pursuant to Section 13 and 15(d)

Intangible assets, net

v3.22.1
Intangible assets, net
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 11 — Intangible assets, net

 

As of December 31, 2021, intangible assets consisted of the following:

 

        Remaining Weighted                
    Estimated
Useful
    Average Useful     Gross
Carrying
    Accumulated     Net
Carrying
 
    Life     Life     Amount     Amortization     Amount  
Finite lived intangible assets:                                        
Customer relationships     15 years       11.7 years     $ 670,000     $ 148,889     $ 521,111  
Developed technology     7-10 years       7.0 years       37,251,987       3,458,065       33,793,922  
Membership network     7 years       3.7 years       1,740,000       828,571       911,429  
Digital media platform     7 years       5.9 years       1,552,500       249,509       1,302,991  
Influencer network     5 years       5.0 years       2,756,000       -       2,756,000  
Total finite lived intangible assets                   $ 43,970,487     $ 4,685,034     $ 39,285,453  
                                         
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                   $ 45,210,487     $ 4,685,034     $ 40,525,453  

 

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

 

        Remaining Weighted                
    Estimated
Useful
    Average Useful     Gross
Carrying
    Accumulated     Net
Carrying
 
    Life     Life     Amount     Amortization     Amount  
Finite lived intangible assets:                                        
Customer relationships     15 years       12.8 years     $ 670,000     $ 104,223     $ 565,777  
Developed technology     7 years       5.9 years       6,300,000       990,001       5,309,999  
Membership network     7 years       4.7 years       1,740,000       580,000       1,160,000  
Digital media platform     7 years       6.9 years       1,552,500       29,464       1,523,036  
Total finite lived intangible assets                   $ 14,962,500     $ 2,564,163     $ 8,558,812  
                                         
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                   $ 11,502,500     $ 1,703,688     $ 9,798,812  

 

Amortization expense for the years ended December 31, 2021 and 2020 was $3,629,920 and $1,212,226, respectively.

 

The Company recorded an impairment charge of $3,150,000 and $0 for the years ended December 31, 2021 and 2020, respectively, related to our annual impairment assessment related to the intangible assets for TBD Safety, LLC.

 

 

The estimated future amortization of intangibles subject to amortization at December 31, 2021 was as follows:

 

For the Years Ended December 31,   Amount  
2022   $ 5,926,480  
2023     6,064,280  
2024     6,064,280  
2025     5,935,708  
2026     5,595,708  
Thereafter     9,698,997  
Total   $ 39,285,453