Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 5: Intangible Assets and Goodwill

Intangible assets at June 30, 2017, summarized in the table below: 

Intangible Asset Description	Amortization Periods (in years)	Cost		Accumulated Amortization			Net Carrying Value
Taper DPI Intellectual Property	10 years	$	9,708,700	$	(3,398,045	)	$	6,310,655
Non-Competition Agreement	3 years		1,639,000		(666,223	)		972,777
FDA 503B Registration and Compliance	10 years		3,963,000		(483,266	)		3,479,734
Customer Relationships	10 years		5,572,000		(679,474	)		4,892,526
Website Design	3 years		16,162		(1,796	)		14,366
Total Definitive-lived Assets			20,898,862		(5,228,804	)		15,670,058
Trade Name & Brand	Indefinite		1,245,000		—			1,245,000
Balance, June 30, 2017		$	22,143,862	$	(5,228,804	)	$	16,915,058

For the three months and six months ended June 30, 2017, amortization expense was $619,022 and $1,237,147, respectively.

Estimated future amortization expense for the Company's intangible assets at June 30, 2017, is as follows: 

Remainder of 2017	$	1,238,045
2018		2,476,091
2019		2,083,034
2020		1,925,268
2021		1,924,370
Thereafter		6,023,250
	$	15,670,058

Goodwill recorded at the acquisition of USC was approximately $2,225,000. In addition, the Company recorded a deferred tax liability of approximately $5,416,000 through acquisition goodwill. The carrying value of our goodwill as of June 30, 2017, was approximately $7,641,000.