Annual report pursuant to Section 13 and 15(d)

Assumption of WiSA, LLC (Tables)

v3.19.1
Assumption of WiSA, LLC (Tables)
12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The following table summarizes the fair values of assets acquired:
 
 
 
December 31, 2017
 
Summit common stock
 
$
25,000
 
Intangible assets:
 
 
 
 
Trademarks
 
 
100,000
 
Total purchase price
 
$
125,000
 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]
 
 
December 31, 2018
 
 
 
Estimated

Useful

Life (in

Years)
 
 
Gross Carrying

Amount
 
 
Accumulated

Amortization
 
 
Net Carrying

Amount
 
Trademarks
 
 
3
 
 
$
100,000
 
 
$
38,887
 
 
$
61,113
 
 
 
 
December 31, 2017
 
 
 
Estimated

Useful

Life (in

Years)
 
 
Gross Carrying

Amount
 
 
Accumulated

Amortization
 
 
Net Carrying

Amount
 
Trademarks
 
 
3
 
 
$
100,000
 
 
$
5,555
 
 
$
94,445
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
The estimated future amortization expense of acquisition-related intangible assets subject to amortization as of December 31, 2018 is as follows:
 
Year Ended December 31,
 
 
 
2019
 
$
33,332
 
2020
 
 
27,781
 
Total
 
$
61,113