INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

INTANGIBLE ASSETS [Text Block]

NOTE 22 – INTANGIBLE ASSETS

The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets other than goodwill:

	Remaining		March 31,			December 31,
	useful life		2015			2014
Gross carrying amount:
Trade name	6.75 years	$	492,235		$	492,235
Customer relations	6.75 years		304,086			304,086
			796,321			796,321
Less : Accumulated amortization
Trade name		$	(148,009	)	$	(135,323	)
Customer relations			(91,435	)		(83,597	)
			(239,444	)		(218,920	)
Intangible assets, net		$	556,877		$	577,401

The aggregate amortization expense for those intangible assets that continue to be amortized is reflected in amortization of intangible assets in the consolidated statements of income, and comprehensive income was both $20,524 for the three months ended March 31, 2015 and 2014, respectively.

Amortization expense for the next five years and thereafter is as follows:

2015 (nine months)	$	61,572
2016		82,095
2017		82,095
2018		82,095
2019		82,095
Thereafter		166,925
Total	$	556,877