General form of registration statement for all companies including face-amount certificate companies

INTANGIBLE ASSETS - NET (Tables)

v3.3.0.814
INTANGIBLE ASSETS - NET (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]    
Schedule of Finite-Lived Intangible Assets [Table Text Block]

Intangible assets-net as of June 30, 2015 and December 31, 2014 consist of following:
 
 
 
 
June 30,
2015
 
December 31,
2014
Contracts and relationships acquired
 
$
11,224,346
 
 
$
11,164,988
 
Non-compete agreements
 
 
1,206,272
 
 
 
1,206,272
 
Other intangible assets
 
 
326,355
 
 
 
309,486
 
Total intangible assets
 
 
12,756,973
 
 
 
12,680,746
 
Less: Accumulated amortization
 
 
(6,467,297
 
 
(4,302,909
Intangible assets – net
 
$
6,289,676
 
 
$
8,377,837
 

Below is a summary of intangible asset activity for the years ended December 31, 2014 and 2013:
 
 
 
 
 
 
Customer
Relationships
 
Non-Compete
Agreements
 
Other
Intangible
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
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
As of June 30, 2015, future amortization expense scheduled to be expensed is as follows:
 
 
Years ending December 31
2015 (six months)
 
$
1,797,775
 
2016
 
 
3,039,545
 
2017
 
 
1,442,485
 
2018
 
 
9,871
 
Total
 
$
6,289,676
 
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