Annual report pursuant to Section 13 and 15(d)

Intangible Assets

Intangible Assets
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

5. Intangible Assets


Intangible assets consist of the following:



December 31,



December 31,


  Life (years)
Betting Platform Software   $ 1,685,371     $ 1,685,371       15  
Ulisse Bookmaker License     9,727,914       —         —    
Land-based licenses     961,756       967,224       1.5 - 7  
Location contracts     1,000,000       1,000,000       5 - 7  
Customer relationships     870,927       870,927       10 - 15  
Trademarks/names     110,000       110,000       14  
Websites     40,000       40,000       5  
      14,395,968       4,673,522          
Accumulated amortization     (1,867,988 )     (1,415,799 )        
Balance   $ 12,527,980     $ 3,257,723          


The Company evaluates intangible assets for impairment on an annual basis during the last month of each year and at an interim date if indications of impairment exist. Intangible asset impairment is determined by comparing the fair value of the asset to its carrying amount with an impairment being recognized only when the fair value is less than carrying value. The Company recorded approximately $450,000 and $445,000 in amortization expense for finite-lived assets for the years ended December 31, 2018 and 2017, respectively.


Licenses obtained by the Company in the acquisitions of Multigioco and Rifa include a Gioco a Distanza (“GAD”) online license as well as a Bersani and Monti land-based licenses issued by the Italian gaming regulator to Multigioco and Rifa, respectively, as well as an Austrian Bookmaker License through the acquisition of Ulisse.


The Company believes that the carrying amounts of its intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired.