• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
3. INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

Intangible assets, net, consist of the following at December 31:

 

    USEFUL LIVES   2015     2014  
                     
Acquisition of intellectual property (FuturLink)   5 years   98,000       98,000  
Website technology development (Venn/AcePlace)   5 years   45,000       45,000  
        143,000       143,000  
Less Accumulated Amortization       77,283       48,672  
        $ 65,717     $ 94,328  

 

Future amortization, for the years ending December 31, is as follows:

 

2016     28,600  
2017     27,157  
Thereafter     9,960  
    $ 65,717  

 

Amortization expense for the years ended December 31, 2015 and 2014 was $28,609 and $28,599, respectively.

 

Acquisition of Assets of FuturLink

 

On March 7, 2013, the Company acquired the assets of FuturLink at a cost of approximately $98,000, which cash was paid from the Company’s working capital. These assets include, without limitation, the FuturLink technology (patents and source codes), trademark(s) and access point (proximity marketing) component parts. At the time of acquisition, FuturLink’s assets were minimal; the purchase price was apportioned to the intellectual property received in exchange. The Company changed its name to Mobiquity Networks upon acquisition and is a consolidated component of these financial statements.