Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

v3.7.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
12 Months Ended
Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Intangible assets consisted of the following at December 31, 2016 and 2015:

 

 

2016

 

 

2015

 

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

 

Licensing agreements

 

 

 

 

 

35,000

 

     Other intangible assets, gross

 

 

20,415,967

 

 

 

20,450,967

 

Less: accumulated amortization

 

 

(8,660,948

)

 

 

(7,189,331

)

     Other intangible assets, net

 

 

11,755,019

 

 

 

13,261,636

 

Goodwill and other intangible assets, net

 

$

12,846,019

 

 

$

14,352,636

 

 

Included in amortization expense was $1,506,617 and $1,495,012 related to the above intangible assets for the years ended December 31, 2016 and 2015, respectively.

 

Estimated amortization expense to be recorded for the twelve months ending 2017 through 2021 and thereafter are as follows:

 

Twelve Months Ending

December 31,

 

Annual Amortization

 

2017

 

$

1,473,295

 

2018

 

 

1,464,551

 

2019

 

 

1,464,551

 

2020

 

 

1,446,218

 

2021

 

 

1,395,081

 

Thereafter

 

 

4,511,323

 

Total amortization

 

$

11,755,019