Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS - NET

v2.4.1.9
INTANGIBLE ASSETS - NET
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
5.
Intangible Assets – NET
 
Below is a summary of intangible asset activity for the years ended December 31, 2014 and 2013:
 
 
 
Customer
 
Non-Compete
 
Other
Intangible
 
 
 
 
 
Relationships
 
Agreements
 
Assets
 
Total
 
COST
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2014
 
$
2,939,988
 
$
281,272
 
$
85,588
 
$
3,306,848
 
Acquired backlog from acquisitions
 
 
-
 
 
-
 
 
148,408
 
 
148,408
 
Purchase of other intangible assets
 
 
-
 
 
-
 
 
75,490
 
 
75,490
 
Acquisition of Acquired Businesses
 
 
8,225,000
 
 
925,000
 
 
-
 
 
9,150,000
 
Balance, December 31, 2014
 
$
11,164,988
 
$
1,206,272
 
$
309,486
 
$
12,680,746
 
Useful lives
 
 
3 Years
 
 
3 Years
 
 
3 Years
 
 
 
 
ACCUMULATED AMORTIZATION
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2014
 
$
1,626,776
 
$
65,723
 
$
79,569
 
$
1,772,068
 
Amortization expense
 
 
2,127,468
 
 
247,924
 
 
155,449
 
 
2,530,841
 
Balance, December 31, 2014
 
 
3,754,244
 
 
313,647
 
 
235,018
 
 
4,302,909
 
Net book value
 
$
7,410,744
 
$
892,625
 
$
74,468
 
$
8,377,837
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COST
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2013
 
$
2,035,988
 
$
29,272
 
$
76,693
 
$
2,141,953
 
Purchase of other intangible assets
 
 
-
 
 
-
 
 
8,895
 
 
8,895
 
Acquisition of Metro Medical
 
 
904,000
 
 
252,000
 
 
-
 
 
1,156,000
 
Balance, December 31, 2013
 
$
2,939,988
 
$
281,272
 
$
85,588
 
$
3,306,848
 
Useful lives
 
 
3 Years
 
 
3 Years
 
 
3 Years
 
 
 
 
ACCUMULATED AMORTIZATION
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2013
 
$
979,731
 
$
6,966
 
$
70,271
 
$
1,056,968
 
Amortization expense
 
 
647,045
 
 
58,757
 
 
9,298
 
 
715,100
 
Balance, December 31, 2013
 
 
1,626,776
 
 
65,723
 
 
79,569
 
 
1,772,068
 
Net book value
 
$
1,313,212
 
$
215,549
 
$
6,019
 
$
1,534,780
 
 
Amortization expense was $2,530,841 and $715,100 for the years ended December 31, 2014 and 2013, respectively. The weighted-average amortization period is three years.
 
As of December 31, 2014, future amortization expense scheduled to be expensed is as follows:
 
Years Ending
 
 
 
 
December 31
 
 
 
 
2015
 
$
3,594,370
 
2016
 
 
3,236,524
 
2017
 
 
1,546,943