Note 8. Goodwill and Intangible Assets

Goodwill

Changes in the carrying value of goodwill consist of following:


	Nine months ended	Year Ended
	September 30, 2019	December 31, 2018
At the beginning of the year	704,884	—
Goodwill Acquired1	9,323,189	704,884
At the end of the period	10,028,073	704,884

Note

1 The change in carrying amount of goodwill in the current year was the result of the acquisition of DBOT as disclosed in Note 5(f).

Intangible Assets

Information regarding amortizing and indefinite lived intangible assets consisted of the following:


		September 30, 2019								December 31, 2018
	Weighted	Gross				Accumulated				Gross				Accumulated
	Average Remaining	Carry		Accumulated		Impairment		Net		Carry		Accumulated		Impairment		Net
	Useful Life	Amount		Amortization		Loss		Balance		Amount		Amortization		Loss		Balance
Amortizing Intangible Assets
Animation Copyright (Note 14 (b))	—	$	—	$	—	$	—	$	—	$	301,495	$	(64,606)	$	—	$	236,889
Software and licenses	—		97,308		(97,308)		—		—		97,308		(93,251)		—		4,057
SolidOpinion IP (Note 5 (a))	4.4		4,655,000		(543,084)		—		4,111,916		—		—		—		—
Fintalk intangible assets (Note 5 (b))	4.8		6,350,000		(317,500)		—		6,032,500		—		—		—		—
Influencer network	8.9		1,980,000		(214,500)		—		1,765,500		1,980,000		(66,000)		—		1,914,000
Customer contract1	2.0		558,830		(185,458)		—		373,372		500,000		(55,556)		—		444,444
Continuing Membership Agreement1	19.8		8,255,440		(103,193)		—		8,152,247		—		—		—		—
Trade name	13.9		110,000		(7,944)		—		102,056		110,000		(2,444)		—		107,556
Technology platform	5.9		290,000		(44,881)		—		245,119		290,000		(13,808)		—		276,192
Total amortizing intangible assets		$	22,296,578	$	(1,513,868)	$	—	$	20,782,710	$	3,278,803	$	(295,665)	$	—	$	2,983,138
Indefinite lived intangible assets
Website name			159,504		—		(134,290)		25,214		159,504		—		(134,290)		25,214
Patent			28,000		—		—		28,000		28,000		—		—		28,000
GTB (Note 14 (b))			61,124,407		—		—		61,124,407		—		—		—		—
Total intangible assets		$	83,608,489	$	(1,513,868)	$	(134,290)	$	81,960,331	$	3,466,307	$	(295,665)	$	(134,290)	$	3,036,352

Note

1 During the third quarter of 2019, the Company completed the acquisition of additional shares in DBOT which increased its ownership in DBOT to 99.04%. $8,314,270 of intangible assets were recognized on the date of acquisition as disclosed in Note 5(f).

Amortization expense relating to intangible assets was $764,010 and $276,692 for the three months ended September 30, 2019 and 2018 and $1,317,419 and $281,796 for the nine months ended September 30, 2019 and 2018, respectively.

The following table outlines the expected amortization expense for the following years:


	Amortization
	to be
Years ending December 31,	recognized
2019 (excluding the nine months ended September 30, 2019)	$	761,702
2020		3,046,811
2021		2,991,255
2022		2,870,339
2023		2,860,534
2024 and thereafter		8,252,069
Total amortization to be recognized	$	20,782,710