Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 6 – Goodwill and Other Intangible Assets

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

	Estimated Useful Life	Gross Balance at December 31, 2017		Accumulated Amortization			Net Balance at December 31, 2017		Gross Balance at December 31, 2018		Accumulated Amortization			Net Balance at December 31, 2018
Finite live intangible assets:
Customer list and tradename	5 years	$	881,000	$	(177,921	)	$	703,079	$	881,000	$	(352,400	)	$	528,600
Non-compete agreements	5 years		814,000		(162,800	)		651,200		814,000		(325,600	)		488,400
Intellectual property	10 years		880,000		(88,000	)		792,000		880,000		(176,000	)		704,000
Total intangible assets		$	2,575,000	$	(428,721	)	$	2,146,279	$	2,575,000	$	(854,000	)	$	1,721,000
Goodwill	Indefinite	$	2,937,288	$	-		$	2,937,288	$	2,937,288	$	-		$	2,937,288

We compute amortization using the straight-line method over the estimated useful lives of the intangible assets. The Company has no indefinite-lived intangible assets other than goodwill.

 Aggregate amortization expense included in general and administrative expenses for the years ended December 31, 2018 and 2017 totaled $425,279 and $428,721, respectively. The following table represents the total estimated amortization of intangible assets for future years:

For the Year Ending December 31,	Estimated Amortization Expense
2019	$	427,000
2020		427,000
2021		427,000
2022		88,000
2023		88,000
Thereafter		264,000
	$	1,721,000