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GOODWILL AND INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2019
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

5.            GOODWILL AND INTANGIBLE ASSETS

Goodwill was $8,248,107 as of September 30, 2019 and December 31, 2018.

 

Definite-lived intangible assets were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2019

 

 

Gross

 

Accumulated

 

Net Carrying

 

    

Amount

    

Amortization

    

Amount

Trade name

 

$

1,169,000

 

$

(97,417)

 

$

1,071,583

Existing technology (1)

 

 

436,814

 

 

(65,330)

 

 

371,484

Non-competition agreements

 

 

125,000

 

 

(34,722)

 

 

90,278

Customer contracts

 

 

740,000

 

 

(61,667)

 

 

678,333

Software

 

 

225,000

 

 

 —

 

 

225,000

Licensing agreement

 

 

210,000

 

 

 —

 

 

210,000

Total

 

$

2,905,814

 

$

(259,136)

 

$

2,646,678

(1) Includes capitalized software development costs.

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018

 

 

Gross

 

Accumulated

 

Net Carrying

 

    

Amount

    

Amortization

    

Amount

Trade name

 

$

1,169,000

 

$

(9,742)

 

$

1,159,258

Existing technology

 

 

297,000

 

 

(4,950)

 

 

292,050

Non-competition agreements

 

 

125,000

 

 

(3,472)

 

 

121,528

Customer contracts

 

 

740,000

 

 

(6,167)

 

 

733,833

Software

 

 

225,000

 

 

 —

 

 

225,000

Total

 

$

2,556,000

 

$

(24,331)

 

$

2,531,669

 

 

 

 

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization expense for definite-lived intangible assets for three and nine months ended September 30, 2019 was $83,439 and $234,805, respectively. Amortization expense for definite-lived intangible assets for three and nine months ended September 30, 2018 was zero.  

 

We estimate expected amortization related to definite-lived intangible assets at September 30, 2019 will be:

 

 

 

 

 

Expected amortization

    

 

 

Remaining 2019

 

$

82,762

2020

 

 

466,071

2021

 

 

528,807

2022

 

 

331,206

2023

 

 

298,180

2024 and thereafter

 

 

939,652

Total

 

$

2,646,678