Intangible Assets Disclosure [Text Block] |
4. | Intangible Assets NET | Intangible assets-net as of March 31, 2015 and December 31, 2014 consist of following: | | March 31, | | December 31, | | | | 2015 | | 2014 | | Contracts and relationships acquired | | $ | 11,164,988 | | $ | 11,164,988 | | Non-compete agreements | | | 1,206,272 | | | 1,206,272 | | Other Intangible assets | | | 316,134 | | | 309,486 | | Total intangible assets | | | 12,687,394 | | | 12,680,746 | | Less: Accumulated amortization | | | (5,371,495) | | | (4,302,909) | | | | | | | | | | Intangible assets - net | | $ | 7,315,899 | | $ | 8,377,837 | |
Amortization expense was $1,066,745 and $218,934 for the three months ended March 31, 2015 and March 31, 2014, respectively. The weighted-average amortization period is three years. As of March 31, 2015, future amortization expense scheduled to be expensed is as follows: Years Ending | | | | | December 31 | | | | | 2015 (nine months) | | $ | 2,655,911 | | 2016 | | | 3,153,443 | | 2017 | | | 1,506,196 | | 2018 | | | 349 | | Total | | $ | 7,315,899 | |
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| 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 | |
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