Acquisition and Intangible Assets

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018, intangible assets consisted of the following:

	September 30, 2019			December 31, 2018
Patents	$	16,000		$	16,000
Software		83,750			83,750
Trade name		808,717			785,038
Technology		516,491			501,360
Client list / relationship		4,753,601			4,620,599
Accumulated amortization		(2,099,001	)		(1,715,974	)
	$	4,079,558		$	4,290,773

Amortization expense of intangible assets for the nine months ended September 30, 2019 and 2018 was $351,531 and $632,630, 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.