| GOODWILL AND OTHER INTANGIBLE ASSETS |
NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and finite-lived intangible assets, net consisted of the following at June 30, 2018 and December 31, 2017:
|
|
|
2018
|
|
|
2017
|
|
|
Goodwill
|
|
$
|
1,091,000
|
|
|
$
|
1,091,000
|
|
|
Finite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
Patents
|
|
|
13,475,000
|
|
|
|
13,475,000
|
|
|
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
|
|
|
109,968
|
|
|
|
102,968
|
|
|
Other intangible assets, gross
|
|
|
20,525,935
|
|
|
|
20,518,935
|
|
|
Less: accumulated amortization
|
|
|
(10,908,590
|
)
|
|
|
(10,157,126
|
)
|
|
Other intangible assets, net
|
|
|
9,617,345
|
|
|
|
10,361,809
|
|
|
Goodwill and other intangible assets, net
|
|
$
|
10,708,345
|
|
|
$
|
11,452,809
|
|
For the six months ended June 30, 2018 and 2017 amortization expense related to the finite-lived intangible assets was $751,464 and $750,632, respectively.
Estimated future amortization expense is as follows:
|
Twelve months Ending June 30,
|
|
Total
|
|
|
2019
|
|
$
|
1,501,207
|
|
|
2020
|
|
|
1,492,626
|
|
|
2021
|
|
|
1,411,884
|
|
|
2022
|
|
|
1,390,947
|
|
|
2023
|
|
|
537,231
|
|
|
Thereafter
|
|
|
3,283,450
|
|
|
Total amortization
|
|
$
|
9,617,345
|
|
|