Intangible Assets

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 3 - Intangible Assets

Intangible assets, net is as follows:

March 31, 2017	Useful Lives (Years)	Gross  Carrying  Amount		Accumulated Amortization			Net Carrying  Amount
Trade Name	7	$	2,622,000	$	(530,638	)	$	2,091,362
Customer Relationships	5		2,008,000		(568,939	)		1,439,061
eBay Reputation Relationship	1		369,000		(369,000	)		-
Non-Compete Agreement	1		283,000		(283,000	)		-
Intangible assets, net		$	5,282,000	$	(1,751,577	)	$	3,530,423

December 31, 2016	Useful Lives (Years)	Gross  Carrying  Amount		Accumulated Amortization			Net Carrying  Amount
Trade Name	7	$	2,622,000	$	(436,996	)	$	2,185,004
Customer Relationships	5		2,008,000		(468,538	)		1,539,462
eBay Reputation Relationship	1		369,000		(369,000	)		-
Non-Compete Agreement	1		283,000		(283,000	)		-
Intangible assets, net		$	5,282,000	$	(1,557,534	)	$	3,724,466

Intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense amounted to $194,000 and $357,000 for the three months ended March 31, 2017 and 2016, respectively.

Future annual estimated amortization expense is summarized as follows:

Years ending December 31,
2017 (remaining nine months)	$	582,129
2018		776,171
2019		776,171
2020		709,232
2021		374,571
Thereafter		312,149
	$	3,530,423