Annual report pursuant to Section 13 and 15(d)

Intangible assets, net (Tables)

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

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  
Schedule of Intangibles Assets Future Amortization Expenses

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