| Schedule of total purchased intangible assets |
The following table presents details of the Company’s
total purchased intangible assets as of June 30, 2013 and December 31, 2012:
| |
|
Balance at |
|
|
|
|
|
|
|
|
Balance at |
|
| |
|
December 31,
2012
|
|
|
Additions |
|
|
Amortization |
|
|
June 30,
2013
|
|
| Patents and trademarks |
|
$ |
111,620 |
|
|
$ |
- |
|
|
$ |
(4,199 |
) |
|
$ |
107,421 |
|
| Customer contracts |
|
|
78,765 |
|
|
|
813,000 |
|
|
|
(25,164 |
) |
|
|
866,601 |
|
| Customer and merchant relationships |
|
|
29,056 |
|
|
|
203,000 |
|
|
|
(16,428 |
) |
|
|
215,628 |
|
| Trade name |
|
|
30,588 |
|
|
|
76,000 |
|
|
|
(6,413 |
) |
|
|
100,175 |
|
| Acquired technology |
|
|
193,458 |
|
|
|
167,000 |
|
|
|
(30,867 |
) |
|
|
329,591 |
|
| Non-compete agreement |
|
|
625 |
|
|
|
124,000 |
|
|
|
(5,268 |
) |
|
|
119,357 |
|
| |
|
$ |
444,112 |
|
|
$ |
1,383,000 |
|
|
$ |
(88,339 |
) |
|
$ |
1,738,773 |
|
Sequence, LLC:
| |
|
Fair value |
|
Useful Lives |
| Merchant relationships |
|
$ |
181,000 |
|
12 years |
| Trade name |
|
|
76,000 |
|
5 years |
| Developed technology |
|
|
71,000 |
|
5 years |
Front Door Insights LLC:
| |
|
Fair value |
|
Useful Lives |
| Contracts |
|
|
813,000 |
|
7 years |
| Customer relationships |
|
|
22,000 |
|
12 years |
| Developed technology |
|
|
96,000 |
|
5 years |
| Non-compete agreement |
|
|
124,000 |
|
3 years |
|
| Future amortization expense of purchased intangible |
The estimated future amortization expense of purchased intangible
assets as of June 30, 2013 is as follows:
| Year ending December 31, |
|
Amount |
|
| 2013 |
|
$ |
174,162 |
|
| 2014 |
|
|
319,268 |
|
| 2015 |
|
|
319,268 |
|
| 2016 |
|
|
245,283 |
|
| 2017 |
|
|
190,064 |
|
| Thereafter |
|
|
490,728 |
|
|