Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill (Tables)

v3.23.1
Intangible Assets and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

As of September 30, 2022, intangible assets consisted of the following:

 

    Estimated  

Remaining

Weighted Average

   Initial   Current           Net  
    Useful   Useful   Carrying   Period     Accumulated     Carrying  
    Life   Life   Amount   Impairment     Amortization     Amount  
Finite lived intangible assets:                                      
Customer relationships   7-15 years   5.2 years   $ 7,870,000   $ (670,000 )   $ (652,041 )   $ 6,547,959  
Developed technology   7-10 years   0.7 years     67,451,987     (65,943,869 )     (25,002 )     1,483,116  
Membership network   7 years   0.0 years     1,740,000     (1,740,000 )     -       -  
Digital media platform   7 years   3.0 years     1,552,500     -       (415,847 )     1,136,653  
Influencer network   5 years   3.1 years     2,756,000     -       (413,397 )     2,342,603  
Trademarks and tradenames   7 years   6.4 years    

1,800,000

     -      

(155,867

 )    

1,644,133

  
Total finite lived intangible assets             83,170,487    

(68,353,869

)     (1,662,154 )     13,154,464  
                                       
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           $ 84,410,487   $

(69,593,869

 )   $ (1,662,154 )   $ 13,154,465  

 

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

 

    Estimated  

Remaining

Weighted Average

   Gross           Net  
    Useful   Useful   Carrying     Accumulated     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  
Schedule of Intangible Assets Future Amortization Expenses

The estimated future amortization of intangibles subject to amortization as of September 30, 2022 was as follows:

 

    Amount  
2022 (excludes amortization through September 30, 2022)   $ 593,245  
2023     2,372,962  
2024     2,322,962  
2025     2,272,962  
2026     2,272,962  
Thereafter     3,319,372  
Total   $ 13,154,464  
Schedule of Goodwill

    Amount  
Balance, January 1, 2021   $ 5,983,852  
Impairment     (591,729 )
Acquisition of Lomotif Private Limited     116,188,021  
December 31, 2021     121,580,144  
Impairment     (92,004,097 )
Acquisition of AdRizer     17,039,788  
Balance, September 30, 2022   $ 46,615,835