| Schedule of Acquired Finite-Lived Intangible Assets by Major Class |
The changes in intangible assets for the years ended December 31, 2019 and 2018 were as follows:
|
|
|
|
|
|
Balance as of December 31, 2017 |
|
$ |
7,286,688 |
|
Additions |
|
150,000 |
|
Purchase price allocation measurement period adjustments |
|
6,000 |
|
Amortization |
|
(1,815,872 |
) |
Impairment |
|
(1,861,562 |
) |
Balance as of December 31, 2018 |
|
$ |
3,765,254 |
|
Amortization |
|
(1,338,996 |
) |
Balance as of December 31, 2019 |
|
$ |
2,426,258 |
|
|
| Schedule of Finite-Lived Intangible Assets |
The following is a summary of intangible assets held by the Company at December 31, 2019 and December 31, 2018, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Net Carrying Amount |
|
Weighted-Average Remaining Life |
|
|
|
|
(in years) |
Acquired Product Marketing Rights |
|
$ |
5,056,000 |
|
|
$ |
(2,685,992 |
) |
|
$ |
2,370,008 |
|
|
1.92 |
Acquired Assembled Workforce |
|
150,000 |
|
|
(93,750 |
) |
|
56,250 |
|
|
0.75 |
Total Intangible Assets |
|
$ |
5,206,000 |
|
|
$ |
(2,779,742 |
) |
|
$ |
2,426,258 |
|
|
1.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Impairment Loss |
|
Net Carrying Amount |
|
Weighted-Average Remaining Life |
|
|
|
|
(in years) |
Acquired Product Marketing Rights |
|
$ |
5,056,000 |
|
|
$ |
(1,421,996 |
) |
|
$ |
— |
|
|
$ |
3,634,004 |
|
|
2.92 |
Sales and Marketing Agreement |
|
2,553,000 |
|
|
(691,438 |
) |
|
(1,861,562 |
) |
|
— |
|
|
— |
Acquired Assembled Workforce |
|
150,000 |
|
|
(18,750 |
) |
|
— |
|
|
131,250 |
|
|
1.75 |
Total Intangible Assets |
|
$ |
7,759,000 |
|
|
$ |
(2,132,184 |
) |
|
$ |
(1,861,562 |
) |
|
$ |
3,765,254 |
|
|
2.88 |
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Amortization of intangibles for the next five years and thereafter is expected to be as follows:
|
|
|
|
|
|
|
|
Estimated |
|
|
Amortization |
For the Years Ending December 31, |
|
Expense |
|
|
|
2020 |
|
$ |
1,320,246 |
|
2021 |
|
1,106,012 |
|
2022 |
|
— |
|
2023 |
|
— |
|
2024 |
|
— |
|
Thereafter |
|
— |
|
Total future amortization expense |
|
$ |
2,426,258 |
|
|