Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.8.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and finite-lived intangible assets, net consisted of the following at March 31, 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

 

 

102,968

 

 

 

102,968

 

     Other intangible assets, gross

 

 

20,518,935

 

 

 

20,518,935

 

Less: accumulated amortization

 

 

(10,532,858

)

 

 

(10,157,126

)

     Other intangible assets, net

 

 

9,986,077

 

 

 

10,361,809

 

     Goodwill and other intangible assets, net

 

$

11,077,077

 

 

$

11,452,809

 

 

For the three months ended March 31, 2018 and 2017, amortization expense related to the finite-lived intangible assets was $375,732 and $372,966, respectively.

Estimated future amortization expense is as follows:

 

Twelve months Ending March 31,

 

Total

 

2019

 

$

1,498,873

 

2020

 

 

1,498,873

 

2021

 

 

1,427,884

 

2022

 

 

1,391,218

 

2023

 

 

821,532

 

Thereafter

 

 

3,347,697

 

Total amortization

 

$

9,986,077