| INTANGIBLE ASSETS |
NOTE 6 – INTANGIBLE
ASSETS
Intangible assets consisted of the following
as of:
| |
|
|
|
|
|
|
December 31, |
|
| |
|
Estimated Life |
|
June 30, 2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
|
|
| Trademarks |
|
3.3 – 4.5 years |
|
$ |
260,000 |
|
|
$ |
260,000 |
|
| Website |
|
3 years |
|
|
118,755 |
|
|
|
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 |
|
|
|
|
(366,832 |
) |
|
|
(249,947 |
) |
| |
|
|
|
$ |
691,923 |
|
|
$ |
803,306 |
|
| |
|
|
|
June 30, |
|
|
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) |
|
|
$ |
32,593 |
|
|
$ |
19,793 |
|
|
$ |
65,417 |
|
|
$ |
117,803 |
|
| 2019 |
|
|
|
62,907 |
|
|
|
38,919 |
|
|
|
124,306 |
|
|
|
226,132 |
|
| 2020 |
|
|
|
37,818 |
|
|
|
13,524 |
|
|
|
52,500 |
|
|
|
103,842 |
|
| 2021 |
|
|
|
12,606 |
|
|
|
916 |
|
|
|
51,167 |
|
|
|
64,689 |
|
| 2022 |
|
|
|
— |
|
|
|
— |
|
|
|
36,500 |
|
|
|
36,500 |
|
| Thereafter |
|
|
|
— |
|
|
|
— |
|
|
|
142,957 |
|
|
|
142,957 |
|
| |
|
|
$ |
145,924 |
|
|
$ |
73,152 |
|
|
$ |
472,847 |
|
|
$ |
691,923 |
|
Amortization expense was $58,443 and $116,885,
and $55,054 and $106,986 for the three and six months ended June 30, 2018 and 2017, respectively, and is classified in general
and administrative expenses in the condensed consolidated Statements of Operations.
|