XML 33 R17.htm IDEA: XBRL DOCUMENT v3.19.2
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The following table summarizes information relating to the Company's acquired amortizable intangible assets: 
 
As of June 30, 2019
 
As of December 31, 2018
 
 
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
 
Estimated Useful Lives
Customer relationships
$
6,017,994

 
$
(2,512,269
)
 
$
3,505,725

 
$
5,970,884

 
$
(2,162,110
)
 
$
3,808,774

 
8 to 18 years
Trade names
1,081,083

 
(749,615
)
 
331,468

 
1,067,083

 
(701,998
)
 
365,085

 
2 to 5 years
Other amortizable intangibles
50,611

 
(22,801
)
 
27,810

 
37,644

 
(18,679
)
 
18,965

 
1 to 15 years
 
$
7,149,688

 
$
(3,284,685
)
 
$
3,865,003

 
$
7,075,611

 
$
(2,882,787
)
 
$
4,192,824

 
 

Amortization expense for the three and six months ended June 30, 2019 aggregated to $201,279 and $401,898, respectively, and for the three and six months ended June 30, 2018 aggregated $226,052 and $457,869, respectively.
The carrying amount of goodwill is presented below:
Goodwill as of December 31, 2018
$
8,012,416

Goodwill recorded in connection with the acquisition of Cheddar Inc.
125,651

Adjustments to purchase accounting
19

Goodwill as of June 30, 2019
$
8,138,086


In June 2019, the Company completed the acquisition of Cheddar Inc., a digital-first news company, for approximately$200,000 in cash and stock, subject to certain closing adjustments as set forth in the merger agreement. The acquisition
was accounted for as a business combination in accordance with ASC Topic 805. The preliminary purchase price of approximately $198,588 was allocated to the identifiable tangible and intangible assets and liabilities of Cheddar based on preliminary fair value information currently available, which is subject to change within the measurement period (up to one year from the acquisition date). Based on the preliminary purchase price, the Company recorded goodwill of $125,651, customer relationships of $47,110, trade names of $14,000 and other amortizable intangible assets of $11,900.