Quarterly report pursuant to Section 13 or 15(d)

Intangible assets, net

v3.22.1
Intangible assets, net
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 10 — Intangible assets, net

 

As of March 31, 2022, 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     11.4 years     $ 670,000     $ 160,056     $ 509,944  
Developed technology   7-10 years     6.8 years       37,251,987       4,707,579       32,544,408  
Membership network   7 years     3.4 years       1,740,000       890,714       849,286  
Digital media platform   7 years     5.6 years       1,552,500       304,955       1,247,545  
Influencer network   5 years     4.8 years       2,756,000       137,800       2,618,200  
Total finite lived intangible assets               $ 43,970,487     $ 6,201,104     $ 37,769,383  
                                     
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     $ 6,201,104     $ 39,009,383  

 

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  

 

Amortization expense for the three months ended March 31, 2022 and 2021 was $1,516,070 and $412,730, respectively.

 

The estimated future amortization of intangibles subject to amortization as of March 31, 2022 was as follows:

 

For the Years Ended December 31,   Amount  
2022 (excludes amortization through March 31, 2022)   $ 4,548,210  
2023     6,064,280  
2024     6,064,280  
2025     5,852,851  
2026     5,429,994  
Thereafter     9,809,769  
Total   $ 37,769,383