Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets (Tables)

v3.10.0.1
Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of Acquired 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

 

 

Schedule of Estimated Annual Amortization of Intangible Assets

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