Acquisition and Intangible Assets

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Acquisitions and Intangible Assets

The Company holds several patents for the real-time calculation of shipping costs for items purchased through online auctions using a zip code as a destination location indicator. It includes shipping charge calculations across multiple carriers and accounts for additional characteristics of the item being shipped, such as weight, special packaging or handling, and insurance costs. These patents help facilitate rapid and accurate estimation of shipping costs across multiple shipping carriers and also include real-time calculation of shipping.

In addition, the Company has various other intangibles from past business combinations.

At June 30, 2019 and December 31, 2018, intangible assets consisted of the following:

	June 30, 2019			December 31, 2018
Patents	$	16,000		$	16,000
Software		83,750			83,750
Trade Name		815,908			785,038
Technology		521,075			501,360
Client list / relationship		4,793,898			4,620,599
Accumulated amortization		(1,997,732	)		(1,715,974	)
	$	4,232,899		$	4,290,773

Amortization expense of intangible assets for the six months ended June 30, 2019 and 2018 was $235,643 and $424,674, respectively.

Goodwill

Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value of the underlying net tangible and intangible assets acquired. During the year ended 2018, the Company determined that the value of goodwill was impaired and recorded a full loss on the impairment of $10,354,172.