Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.19.1
GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and other intangible assets, net consisted of the following at March 31, 2019 and December 31, 2018:

 

 

 

2019

 

 

2018

 

Goodwill

 

$

1,091,000

 

 

$

1,091,000

 

Other intangible assets:

 

 

 

 

 

 

 

 

Patents

 

 

13,485,000

 

 

 

13,485,000

 

Customer relationships

 

 

3,400,000

 

 

 

3,400,000

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Internally-developed software

 

 

138,265

 

 

 

126,015

 

Other intangible assets, gross

 

 

20,564,232

 

 

 

20,551,982

 

Less: accumulated amortization

 

 

(12,038,946

)

 

 

(11,661,730

)

Other intangible assets, net

 

 

8,525,286

 

 

 

8,890,252

 

Goodwill and other intangible assets, net

 

$

9,616,286

 

 

$

9,981,252

 

 

For the three months ended March 31, 2019 and 2018 amortization expense related to the other intangible assets was $377,216 and $375,732, respectively.

Estimated future amortization expense is as follows:

 

Twelve Months Ending March 31,

 

Total

 

2020

 

$

1,512,947

 

2021

 

 

1,441,958

 

2022

 

 

1,401,267

 

2023

 

 

823,263

 

2024

 

 

252,930

 

Thereafter

 

 

3,092,921

 

Total amortization

 

$

8,525,286