INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2019

Intangible assets as of September 30, 2019 and December 31, 2018, consist of the following:

	September 30,			December 31,
	2019			2018

Intangible assets	$	302,737		$	302,737
Accumulated amortization		(145,112	)		(69,308	)
Balance	$	157,625		$	233,429

On April 23, 2018, the Company entered into an agreement with MusicPlay Analytics, LLC (d/b/a Soundstr) (“Sounds”) whereby the Company acquired the assets of Soundstr, a technology that aims to help businesses pay fairer music license fees based on actual music usage. The Company purchased the assets of Soundstr by agreeing to issue 2,275,000 shares of the Company’s common stock, valued at $68,250, based on the closing market price of the Company’s stock on the date of the agreement, and the Company agreed to assume and pay $234,487 of identified Soundstr obligations within 60 days of April 23, 2018. The Company assigned the aggregate purchase price of $302,737 to the intellectual property which will be amortized over a three (3) year period.

Total amortization expense during the nine months ended September 30, 2019, and 2018 was $75,804 and $131,581, respectively, which is included in general and administrative expenses in the condensed consolidated statements of operations.