Intangible Assets |
Note 7. Intangible Assets
The following is a summary of the Company’s acquired intangible assets:
|
|
September 30, 2018
|
|
|
|
Weighted
Average
Amortization
Period (years)
|
|
|
Gross
Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Intangibles, Net
|
|
Customer relationships
|
|
|
10
|
|
|
$
|
4,830,000
|
|
|
$
|
1,116,332
|
|
|
$
|
3,713,668
|
|
Developed technologies
|
|
|
9
|
|
|
|
1,080,000
|
|
|
|
241,515
|
|
|
|
838,485
|
|
Tradename
|
|
|
3
|
|
|
|
120,000
|
|
|
|
56,667
|
|
|
|
63,333
|
|
Non-compete agreement
|
|
|
3
|
|
|
|
67,000
|
|
|
|
62,273
|
|
|
|
4,727
|
|
Total intangible assets, net
|
|
|
10
|
|
|
$
|
6,097,000
|
|
|
$
|
1,476,787
|
|
|
$
|
4,620,213
|
|
|
|
December 31, 2017
|
|
|
|
Weighted
Average
Amortization
Period (years)
|
|
|
Gross
Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Intangibles, Net
|
|
Customer relationships
|
|
|
10
|
|
|
$
|
4,830,000
|
|
|
$
|
754,082
|
|
|
$
|
4,075,918
|
|
Developed technologies
|
|
|
9
|
|
|
|
1,080,000
|
|
|
|
142,477
|
|
|
|
937,523
|
|
Tradename
|
|
|
3
|
|
|
|
120,000
|
|
|
|
26,667
|
|
|
|
93,333
|
|
Non-compete agreement
|
|
|
3
|
|
|
|
67,000
|
|
|
|
45,523
|
|
|
|
21,477
|
|
Total intangible assets, net
|
|
|
10
|
|
|
$
|
6,097,000
|
|
|
$
|
968,749
|
|
|
$
|
5,128,251
|
|
The estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table. Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, asset impairments, among other factors. Amortization expense was $169,346 and $74,402 for the three months ended September 30, 2018 and 2017, respectively, and $508,038 and $396,206 for the nine months ended September 30, 2018 and 2017, respectively.
|
|
Estimated Future Amortization
|
|
2018 (remaining three months)
|
|
$
|
168,490
|
|
2019
|
|
|
655,052
|
|
2020
|
|
|
627,667
|
|
2021
|
|
|
598,420
|
|
2022
|
|
|
563,000
|
|
Thereafter
|
|
|
2,007,584
|
|
Total
|
|
$
|
4,620,213
|
|
|