Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS - NET

v2.4.1.9
INTANGIBLE ASSETS - NET
 9 Months Ended
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
5.
Intangible Assets – NET
 
Intangible assets-net as of September 30, 2014 and December 31, 2013 consist of the following:
 
 
 
September 30,
 
December 31,
 
 
 
2014
 
2013
 
Contracts and relationships acquired
 
$
11,882,988
 
$
2,939,988
 
Non-compete agreements
 
 
1,252,272
 
 
281,272
 
Software purchased
 
 
44,348
 
 
85,588
 
Total intangible assets
 
 
13,179,608
 
 
3,306,848
 
Less: accumulated amortization
 
 
(3,189,386)
 
 
(1,772,068)
 
Intangible assets - net
 
$
9,990,222
 
$
1,534,780
 
 
Amortization expense was $1,620,528 and $496,462 for the nine months ended September 30, 2014 and 2013, respectively, and $1,185,890 and $254,287 for the three months ended September 30, 2014 and 2013, respectively. The weighted-average amortization period is three years.
 
As of September 30, 2014, future amortization expense scheduled to be expensed is as follows:
 
Years Ending
 
 
 
 
December 31
 
 
 
 
2014 (three months)
 
$
1,037,392
 
2015
 
 
3,828,395
 
2016
 
 
3,470,547
 
2017
 
 
1,653,888
 
Total
 
$
9,990,222