Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net (Tables)

v3.21.1
Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

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

 

        Weighted    Gross           Net  
        Average    Carrying     Accumulated     Carrying  
    Life   Remaining    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  

 

As of December 31, 2019, intangible assets consisted of the following:

 

        Weighted    Gross           Net  
        Average    Carrying     Accumulated     Carrying  
    Life   Remaining    Amount     Amortization     Amount  
Finite lived intangible assets:                                
Customer relationships   15 years   13.8 years   $ 4,270,000     $ 339,556     $ 3,930,444  
Developed technology   7 years   5.7 years     3,800,000       697,619       3,102,381  
Membership network   7 years   5.7 years     1,740,000       331,429       1,408,571  
Non-compete agreements   2 years   .7 years     50,000       33,333       16,667  
Total finite lived intangible assets           $ 9,860,000     $ 1,401,937     $ 8,458,063  
                                 
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           $ 13,000,000     $ 1,401,937     $ 11,598,063  
Schedule of Estimated Future Amortization of Intangibles

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

 

For the Years Ended December 31,   Amount  
2021   $ 1,657,881  
2022     1,657,881  
2023     1,657,881  
2024     1,657,881  
2025     1,446,452  
Thereafter     4,320,361  
Total   $ 12,398,337