| INTANGIBLE ASSETS AND GOODWILL |
NOTE 7 – INTANGIBLE
ASSETS AND GOODWILL
Intangible assets, net consisted of the following
as of:
| |
|
|
|
December 31, |
|
|
December 31, |
|
| |
|
Estimated Life |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
|
|
| Trademarks |
|
3.3 – 4.5 years |
|
$ |
260,000 |
|
|
$ |
260,000 |
|
| Website |
|
3 years |
|
|
113,253 |
|
|
|
35,125 |
|
| Acquired tradename |
|
10 years |
|
|
365,000 |
|
|
|
365,000 |
|
| Acquired proprietary design |
|
5 years |
|
|
80,000 |
|
|
|
80,000 |
|
| Acquired developed technology - website |
|
3 years |
|
|
117,500 |
|
|
|
117,500 |
|
| Acquired developed technology – Ipad application |
|
3 years |
|
|
117,500 |
|
|
|
117,500 |
|
| Accumulated amortization |
|
|
|
|
(249,947 |
) |
|
|
(27,866 |
) |
| |
|
|
|
$ |
803,306 |
|
|
$ |
947,259 |
|
| |
|
|
|
December 31, |
|
|
December 31, |
|
| |
|
Estimated Life |
|
2017 |
|
|
2016 |
|
| Goodwill |
|
indefinite |
|
|
481,947 |
|
|
|
481,947 |
|
| |
|
|
|
|
|
|
|
|
|
|
Amortization expense was $222,081 for the year
ended December 31, 2017 (Successor), and $79,149 for the one month ended December 31, 2016 (Successor) plus the eleven months ended
November 30, 2016 (Predecessor) and is classified in general and administrative expenses in the accompanying consolidated Statements
of Operations.
Future amortization expense related to intangible assets are approximately
as follows:
| |
|
|
|
|
|
|
|
|
Acquired |
|
|
|
|
| |
|
|
Trademarks |
|
|
Website |
|
|
Intangibles |
|
|
Total |
|
| 2018 |
|
|
$ |
65,186 |
|
|
$ |
37,751 |
|
|
$ |
130,833 |
|
|
$ |
233,770 |
|
| 2019 |
|
|
|
62,907 |
|
|
|
37,084 |
|
|
|
124,306 |
|
|
|
224,297 |
|
| 2020 |
|
|
|
37,818 |
|
|
|
11,690 |
|
|
|
52,500 |
|
|
|
102,008 |
|
| 2021 |
|
|
|
12,606 |
|
|
|
— |
|
|
|
51,167 |
|
|
|
63,773 |
|
| 2022 |
|
|
|
— |
|
|
|
— |
|
|
|
36,500 |
|
|
|
36,500 |
|
| Thereafter |
|
|
|
— |
|
|
|
— |
|
|
|
142,958 |
|
|
|
142,958 |
|
| |
|
|
$ |
178,517 |
|
|
$ |
86,525 |
|
|
$ |
538,264 |
|
|
$ |
803,306 |
|
|