INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

NOTE 5.   INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

Intangible assets consisted of the following as of December 31, 2015:

		Gross		Accumulated Amortization		Net	Estimated Life (in years)
Customer relationships	$	1,000,000	$	76,712	$	923,288	10
Marketing-related		200,000		30,685		169,315	5
Non-compete agreements		500,000		127,854		372,146	3
Chiefton brand and graphic designs		69,400		9,222		60,178	2
Intangible assets, net	$	1,769,400	$	244,473	$	1,524,927

Estimated amortization expense for the next five years is as follows:

Year ending December 31
2016	$	342,302
2017		203,739
2018		140,000
2019		140,000
2020		140,000

Amortization expense was $244,473 and $38,200 for the years ended December 31, 2015 and 2014.  Amounts capitalized in 2014 for the development of educational and marketing webinars on various cannabis industry topics were fully expensed as of December 31, 2014.  We did not recognize any impairment during the year ended December 31, 2015.

Goodwill

In connection with our acquisition of IPG, we recorded goodwill of $187,000. We have not recognized any impairment as of December 31, 2015.