| INTANGIBLE ASSETS |
NOTE 6 – INTANGIBLE
ASSETS
Intangible assets consisted of the following
as of:
| |
|
|
|
|
|
|
December 31, |
|
| |
|
Estimated Life |
|
|
March 31, 2018 |
|
2017 |
|
| |
|
|
|
|
|
|
|
|
| Trademarks |
|
3.3 – 4.5 years |
|
|
$ |
260,000 |
|
$ |
260,000 |
|
| Website |
|
3 years |
|
|
|
113,253 |
|
|
113,253 |
|
| 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 |
|
|
|
|
|
(308,390) |
|
|
(249,947) |
|
| |
|
|
|
|
$ |
744,863 |
|
$ |
803,306 |
|
| |
|
|
|
March 31, |
|
December 31, |
|
| |
Estimated Life |
|
|
2018 |
|
2017 |
|
| |
|
|
|
|
|
|
|
| Goodwill |
indefinite |
|
|
$ |
481,947 |
|
$ |
481,947 |
|
| |
|
|
|
|
|
|
|
|
|
Future amortization expense related to intangible assets are approximately
as follows:
| |
|
|
Trademarks |
|
|
Website |
|
|
Acquired
Intangibles
|
|
|
Total |
|
| 2018 (remainder of fiscal year) |
|
|
$ |
48,890 |
|
|
$ |
28,313 |
|
|
$ |
98,125 |
|
|
$ |
175,328 |
|
| 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 |
|
|
|
— |
|
|
|
— |
|
|
|
142,957 |
|
|
|
142,957 |
|
| |
|
|
$ |
162,221 |
|
|
$ |
77,087 |
|
|
$ |
505,555 |
|
|
$ |
744,863 |
|
Amortization expense was $58,443 and $51,932
for the three months ended March 31, 2018 and 2017, and is classified in general and administrative expenses in the condensed consolidated
Statements of Operations.
|