Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets-Net (Tables)

v3.8.0.1
Goodwill and Intangible Assets-Net (Tables)
 12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill

The following is the summary of the changes to the carrying amount of goodwill for the years ended December 31, 2017 and 2016:

 

    December 31,
2017 		    December 31,
2016 		 
Beginning gross balance   $ 12,178,868     $ 8,971,994  
Acquisitions     85,075       3,206,874  
Ending gross balance   $ 12,263,943     $ 12,178,868  

Schedule of Finite-Lived Intangible Assets

Below is a summary of intangible asset activity for the years ended December 31, 2017 and 2016:

 

    Customer     Non-Compete     Other Intangible        
    Relationships     Agreements     Assets     Total  
COST                                
Balance, January 1, 2017   $ 16,371,375     $ 1,236,377     $ 1,289,339     $ 18,897,091  
Purchase of other intangible assets     -       -       209,078       209,078  
Allocation from 2017 acquisition     119,925       -       -       119,925  
Balance, December 31, 2017   $ 16,491,300     $ 1,236,377     $ 1,498,417     $ 19,226,094  
Useful lives     3 Years       3 Years       3 Years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2017   $ 11,497,555     $ 1,106,706     $ 459,124     $ 13,063,385  
Amortization expense     3,187,635       120,895       344,635       3,653,165  
Balance, December 31, 2017     14,685,190       1,227,601       803,759       16,716,550  
Net book value   $ 1,806,110     $ 8,776     $ 694,658     $ 2,509,544  
                                 
COST                                
Balance, January 1, 2016   $ 12,166,546     $ 1,206,272     $ 488,082     $ 13,860,900  
Purchase of other intangible assets     -       -       200,404       200,404  
Allocation from 2016 Acquisitions     4,204,829       30,105       600,853       4,835,787  
Balance, December 31, 2016   $ 16,371,375     $ 1,236,377     $ 1,289,339     $ 18,897,091  
Useful lives     3 Years       3 Years       3 Years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2016   $ 7,351,532     $ 835,771     $ 294,193     $ 8,481,496  
Amortization expense     4,146,023       270,935       164,931       4,581,889  
Balance, December 31, 2016     11,497,555       1,106,706       459,124       13,063,385  
Net book value   $ 4,873,820     $ 129,671     $ 830,215     $ 5,833,706  

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2017, future amortization expense scheduled to be expensed is as follows:

 

Years ending      
December 31      
2018   $ 1,588,281  
2019     835,825  
2020     85,438  
Total   $ 2,509,544