Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.7.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and finite-lived intangible assets, net consisted of the following at June 30, 2017 and December 31, 2016:

 

 

 

2017

 

 

2016

 

Goodwill

 

$

1,091,000

 

 

$

1,091,000

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

Patents

 

 

13,615,967

 

 

 

13,615,967

 

Customer relationships

 

 

3,400,000

 

 

 

3,400,000

 

Trademarks

 

 

2,740,000

 

 

 

2,740,000

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Internally-developed software

 

 

102,968

 

 

 

 

     Other intangible assets, gross

 

 

20,518,935

 

 

 

20,415,967

 

Less: accumulated amortization

 

 

(9,411,581

)

 

 

(8,660,948

)

     Other intangible assets, net

 

 

11,107,354

 

 

 

11,755,019

 

     Goodwill and other intangible assets, net

 

$

12,198,354

 

 

$

12,846,019

 

 

Included in amortization expense was $750,632 and $744,625 related to the above intangible assets for the six months ended June 30, 2017 and 2016, respectively.

 

Estimated amortization expense to be recorded for the twelve months ending June 30, 2018 through 2022 and thereafter is as follows:

 

June 30,

 

Total

 

2018

 

$

1,499,233

 

2019

 

 

1,499,233

 

2020

 

 

1,488,540

 

2021

 

 

1,409,551

 

2022

 

 

1,390,947

 

Thereafter

 

 

3,819,850

 

Total amortization

 

$

11,107,354