Annual report [Section 13 and 15(d), not S-K Item 405]

Note 7 - Intangible Assets

v3.25.1
Note 7 - Intangible Assets
12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

7. Intangible Assets

 

Intangible assets, net is as follows:

           

Gross

           

Net

 
   

Useful Lives

   

Carrying

   

Accumulated

   

Carrying

 

December 31, 2024

 

(Years)

   

Amount

   

Amortization

   

Amount

 

Long-lived intangible assets:

                               

Sales Process

    10     $ 2,130,956     $ (2,130,956 )   $ -  

Paid Member Relationships

    5       803,472       (803,472 )     -  

Member Lists

    5       8,186,181       (8,152,848 )     33,333  

Developed Technology

    3       648,000       (648,000 )     -  

Trade Name/Trademarks

    4       442,500       (442,500 )     -  

Contracts acquired in RemoteMore acquisition (months)

    3 - 12       1,377,083       (1,377,083 )     -  
              13,588,192       (13,554,859 )     33,333  

Indefinite-lived intangible assets:

                               

Trade name

                            101,400  

Intangible assets, net

                          $ 134,733  

 

           

Gross

           

Net

 
   

Useful Lives

   

Carrying

   

Accumulated

   

Carrying

 

December 31, 2023

 

(Years)

   

Amount

   

Amortization

   

Amount

 

Long-lived intangible assets:

                               

Sales Process

    10     $ 2,130,956     $ (2,073,800 )   $ 57,156  

Paid Member Relationships

    5       803,472       (803,472 )     -  

Member Lists

    5       8,186,181       (8,119,514 )     66,667  

Developed Technology

    3       648,000       (648,000 )     -  

Trade Name/Trademarks

    4       442,500       (441,875 )     625  

Contracts acquired in RemoteMore acquisition (months)

    3 - 12       1,377,083       (1,377,083 )     -  
              13,588,192       (13,463,744 )     124,448  

Indefinite-lived intangible assets:

                               

Trade name

                            101,400  

Intangible assets, net

                          $ 225,848  

 

Future annual estimated amortization expense is summarized as follows:

 

Year ended December 31,

       

2025

  $ 33,333  

Net Carrying Amount

  $ 33,333  

 

Amortization expense related to intangible assets of $91,114 and $551,774 for the years ended December 31, 2024, and 2023, respectively, is recorded in depreciation and amortization expense in the accompanying consolidated statements of operations.