Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.7.0.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

 

Intangible assets consisted of the following as of:

 

        December 31, 2016     December 31, 2015  
    Estimated Life   Successor     Predecessor  
                     
Trademarks   3.3 – 4.5 years   $ 260,000     $ 88,700  
Website   3 years     35,125       97,944  
Acquired tradename   10 years     365,000       -  
Acquired proprietary design   5 years     80,000       -  
Acquired developed technology - website   3 years     117,500       -  
Acquired developed technology – Ipad application   3 years     117,500       -  
Goodwill   indefinite     481,947       -  
Accumulated amortization         (27,866 )     (60,392 )
        $ 1,429,206     $ 126,252  

 

Amortization expense was $16,568 for the one month ended December 31, 2016 (Successor), $62,581 for the eleven months ended November 30, 2016 (Predecessor) and $39,553 for the year ended December 31, 2015 (Predecessor), and is classified in general and administrative expenses in the accompanying consolidated Statements of Operations.