GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER DEFINITE-LIFE INTANGIBLE ASSETS

Goodwill - The following is a summary of goodwill:

	September 30,		December 31,
	2019		2018
Pair	$	4,903,920	$	4,903,920
Libsyn		11,484,251		11,484,251
Goodwill at end of period	$	16,388,171	$	16,388,171

Other definite-life intangible assets - Other intangible assets consist of customer relationships, intellectual property, trade name and non-compete, which were generated through the acquisition of Pair. Management considers these intangible assets to have finite-lives except trade name. These assets are being amortized on a straight-line basis over their estimated useful lives.

As of September 30, 2019, identifiable intangible assets consist of following:

	Preliminary Fair Value		Weighted Average Useful Life (in Years)		Accumulated Amortization		Net Carrying Amount
Customer Relationships	$	3,947,000		7	$	986,750	$	2,960,250
Intellectual Property		3,709,000		7		927,250		2,781,750
Trade Name		576,000		10		100,800		475,200
Non-compete		1,412,000		2		1,235,500		176,500
Total	$	9,644,000			$	3,250,300	$	6,393,700

Amortization expense for the nine months ended September 30, 2019 and 2018 was $1,392,986 and $1,392,986, respectively.

The estimated future amortization expenses related to other intangible assets as of September 30, 2019 are as follows:

For twelve months ending September 30,
2020	$	1,680,814
2021		1,151,315
2022		1,151,314
2023		1,151,314
2024		1,151,314
Thereafter		107,629
Total	$	6,393,700