Annual report pursuant to Section 13 and 15(d)

Intangible Assets (Tables)

v3.19.1
Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Acquired Finite-Lived Intangible Assets by Major Class
The changes in intangible assets for the years ended December 31, 2018 and 2017 were as follows:
Balance at December 31, 2016
 
$

 
Additions
 
18,068,000

 
Amortization
 
(403,520
)
 
Balance at December 31, 2017
 
$
17,664,480

 
Additions
 
18,441,000

 
Purchase price allocation measurement period adjustments
 
1,527,998

 
Amortization
 
(4,532,448
)
 
Impairment
 
(1,861,562
)
 
Balance at December 31, 2018
 
$
31,239,468

 
Schedule of Finite-Lived Intangible Assets
The following is a summary of intangible assets held by the Company at December 31, 2018 and December 31, 2017, respectively:
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Gross Carrying Amount
    
Accumulated Amortization
    
Impairment Loss
 
Net Carrying Amount
 
Weighted-Average Remaining Life
 
 
 
 
(in years)
Acquired Product Marketing Rights
 
$
33,656,998

 
$
(4,080,767
)
 
$

 
$
29,576,231

 
9.45
Sales and Marketing Agreement
 
2,553,000

 
(691,438
)
 
(1,861,562
)
 

 
Acquired Developed Technology
 
1,677,000

 
(145,013
)
 

 
1,531,987

 
9.25
Acquired Assembled Workforce
 
150,000

 
(18,750
)
 

 
131,250

 
1.75
Total Intangible Assets
 
$
38,036,998

 
$
(4,935,968
)
 
$
(1,861,562
)
 
$
31,239,468

 
9.41
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Gross Carrying Amount
    
Accumulated Amortization
    
Impairment Loss
 
Net Carrying Amount
 
Weighted-Average Remaining Life
 
 
 
 
(in years)
Acquired Product Marketing Rights
 
$
15,734,000

 
$
(257,645
)
 
$

 
$
15,476,355

 
11.20
Sales and Marketing Agreement
 
2,334,000

 
(145,875
)
 

 
2,188,125

 
1.90
Total Intangible Assets
 
$
18,068,000

 
$
(403,520
)
 
$

 
$
17,664,480

 
10.05
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
 
 
 
2019
 
$
4,315,318

2020
 
4,296,568

2021
 
4,082,334

2022
 
2,976,322

2023
 
2,976,322

Thereafter
 
12,592,604

Total future amortization expense
 
$
31,239,468