Annual report pursuant to Section 13 and 15(d)

4. Goodwill and Intangible Assets

v3.20.1
4. Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
4. Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

 

Goodwill

 

The following table presents goodwill and impairment for the years ended December 31, 2019 and 2018:

 

 

    Goodwill
December 31, 2017   $ 803,118   
Acquired     2,022,489   
Impairment     (2,288,057)   
December 31, 2018     537,550   
Acquired     (41,198)   
Impairment     -  
December 31, 2019   $ 496,352   

 

We conducted our annual impairment test of goodwill as of December 31, 2019 and 2018, which resulted in impairment charges of $0 and $2,288,057, respectively.

 

Intangible assets

 

The following table presents components of identifiable intangible assets for the years ended December 31, 2019 and 2018:

    December 31, 2019   December 31, 2018
    Gross
Carrying
Amount		   Accumulated
Amortization		   Net Carrying
Amount		 Weighted
Average
Useful
Life
(Years)		   Gross
Carrying
Amount		   Accumulated
Amortization		   Net Carrying
Amount		   Weighted
Average
Useful
Life
(Years)
Patents and trademarks      $ 183,583      $ (113,730)     $ 69,853    14      $ 177,944      $ (72,957)     $ 104,987      15   
Customer and merchant
relationships   		     2,321,112        (1,581,876)       739,236    10        2,343,112        (1,507,024)       836,088      10   
Trade name        197,924        (147,192)       50,732    10        197,868        (137,872)       59,996      10   
Acquired technology        684,540        (539,748)       144,792    10        684,540        (523,448)       161,092      10   
Non-compete agreement        79,299        (18,368)       60,931    2        79,299        (2,508)       76,791      2   
    $ 3,466,458      $ (2,400,914)     $ 1,065,544        $ 3,482,763      $ (2,243,809)     $ 1,238,954       

 

 

During the years ended December 31, 2019 and 2018, we recorded amortization expense related to our intangible assets of $178,653 and $63,795, respectively, which is included in depreciation and amortization in the consolidated statement of operations.

 

During the years ended December 31, 2019 and 2018, we recorded no impairment charges related to our intangible assets.

 

Expected future intangible asset amortization as of December 31, 2019 is as follows:

 

 

Year ending December 31,    Amount
2020   $ 150,737   
2021     148,045   
2022     147,868   
2023     145,359   
2024     108,764   
Thereafter     364,771   
Total   $ 1,065,544