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Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets

The components of goodwill and other intangible assets were as follows:

  

June 30, 2017 (Unaudited)

 

Estimated

Useful Life

 

Gross Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

 

Finite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

5 years

 

$

12,720,000

 

 

$

10,070,000

 

 

$

2,650,000

 

Trademarks

 

7 years

 

 

6,242,055

 

 

 

3,524,210

 

 

 

2,717,845

 

Patents

 

7 years

 

 

230,683

 

 

 

230,683

 

 

 

 

Software

 

7 years

 

 

1,811,268

 

 

 

419,435

 

 

 

1,391,833

 

Customer lists

 

5 years

 

 

307,153

 

 

 

267,153

 

 

 

40,000

 

Total finite lived intangible assets

 

 

 

$

21,311,159

 

 

$

14,511,481

 

 

$

6,799,678

 

 

December 31, 2016

 

Estimated

Useful Life

 

Gross Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

 

Finite lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

5 years

 

$

12,720,000

 

 

$

8,798,000

 

 

$

3,922,000

 

Trademarks

 

7 years

 

 

6,242,055

 

 

 

3,078,845

 

 

 

3,163,210

 

Patents

 

7 years

 

 

230,683

 

 

 

230,683

 

 

 

 

Software

 

7 years

 

 

1,649,507

 

 

 

307,989

 

 

 

1,341,518

 

Customer lists

 

5 years

 

 

307,153

 

 

 

244,295

 

 

 

62,858

 

Total finite lived intangible assets

 

 

 

$

21,149,398

 

 

$

12,659,812

 

 

$

8,489,586

 

 

Schedule of Indefinite-Lived Intangible Assets

 

June 30, 2017 (Unaudited) and December 31, 2016

 

Estimated

Useful Life

 

Carrying

Amount

 

Indefinite lived intangible asset:

 

 

 

 

 

 

Goodwill

 

Indefinite

 

$

58,337,290