| Schedule of Acquired Finite-Lived Intangible Assets by Major Class |
The changes in intangible assets for the years ended December 31, 2018 and 2017 were as follows:
|
|
|
|
|
|
|
Balance at December 31, 2016 |
|
$ |
— |
|
|
Additions |
|
18,068,000 |
|
|
Amortization |
|
(403,520 |
) |
|
Balance at December 31, 2017 |
|
$ |
17,664,480 |
|
|
Additions |
|
18,441,000 |
|
|
Purchase price allocation measurement period adjustments |
|
1,527,998 |
|
|
Amortization |
|
(4,532,448 |
) |
|
Impairment |
|
(1,861,562 |
) |
|
Balance at December 31, 2018 |
|
$ |
31,239,468 |
|
|
|
| Schedule of Finite-Lived Intangible Assets |
The following is a summary of intangible assets held by the Company at December 31, 2018 and December 31, 2017, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Impairment Loss |
|
Net Carrying Amount |
|
Weighted-Average Remaining Life |
|
|
|
|
(in years) |
Acquired Product Marketing Rights |
|
$ |
33,656,998 |
|
|
$ |
(4,080,767 |
) |
|
$ |
— |
|
|
$ |
29,576,231 |
|
|
9.45 |
Sales and Marketing Agreement |
|
2,553,000 |
|
|
(691,438 |
) |
|
(1,861,562 |
) |
|
— |
|
|
— |
Acquired Developed Technology |
|
1,677,000 |
|
|
(145,013 |
) |
|
— |
|
|
1,531,987 |
|
|
9.25 |
Acquired Assembled Workforce |
|
150,000 |
|
|
(18,750 |
) |
|
— |
|
|
131,250 |
|
|
1.75 |
Total Intangible Assets |
|
$ |
38,036,998 |
|
|
$ |
(4,935,968 |
) |
|
$ |
(1,861,562 |
) |
|
$ |
31,239,468 |
|
|
9.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
Impairment Loss |
|
Net Carrying Amount |
|
Weighted-Average Remaining Life |
|
|
|
|
(in years) |
Acquired Product Marketing Rights |
|
$ |
15,734,000 |
|
|
$ |
(257,645 |
) |
|
$ |
— |
|
|
$ |
15,476,355 |
|
|
11.20 |
Sales and Marketing Agreement |
|
2,334,000 |
|
|
(145,875 |
) |
|
— |
|
|
2,188,125 |
|
|
1.90 |
Total Intangible Assets |
|
$ |
18,068,000 |
|
|
$ |
(403,520 |
) |
|
$ |
— |
|
|
$ |
17,664,480 |
|
|
10.05 |
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Amortization of intangibles for the next five years and thereafter is expected to be as follows:
|
|
|
|
|
|
|
|
Estimated |
|
|
Amortization |
For the Years Ending December 31, |
|
Expense |
|
|
|
2019 |
|
$ |
4,315,318 |
|
2020 |
|
4,296,568 |
|
2021 |
|
4,082,334 |
|
2022 |
|
2,976,322 |
|
2023 |
|
2,976,322 |
|
Thereafter |
|
12,592,604 |
|
Total future amortization expense |
|
$ |
31,239,468 |
|
|