Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets - Net (Tables)

v3.19.1
Goodwill and Intangible Assets - Net (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 and 2017:

 

    December 31, 2018     December 31, 2017  
Beginning gross balance   $ 12,263,943     $ 12,178,868  
Acquisitions     329,852       85,075  
Ending gross balance   $ 12,593,795     $ 12,263,943  

Schedule of Finite-Lived Intangible Assets

Below is a summary of intangible asset activity for the years ended December 31, 2018 and 2017:

 

    Customer     Non-Compete     Other
Intangible 		       
    Relationships     Agreements     Assets     Total  
COST                                
Balance, January 1, 2018   $ 16,491,300     $ 1,236,377     $ 1,498,417     $ 19,226,094  
Purchase of other intangible assets     -       -       108,552       108,552  
Translation loss     -       -       (129,910 )     (129,910 )
Allocation from 2018 acquisition     6,250,000       -       -       6,250,000  
Balance, December 31, 2018   $ 22,741,300     $ 1,236,377     $ 1,477,059     $ 25,454,736  
Useful lives      3-12 Years        3 Years        3 Years          
ACCUMULATED AMORTIZATION                                
Balance, January 1, 2018   $ 14,685,190     $ 1,227,601     $ 803,759     $ 16,716,550  
Amortization expense     1,772,688       7,173       324,322       2,104,183  
Balance, December 31, 2018     16,457,878       1,234,774       1,128,081       18,820,733  
Net book value   $ 6,283,422     $ 1,603     $ 348,978     $ 6,634,003  
                                 
COST                                
Balance, January 1, 2017   $ 16,371,375     $ 1,236,377     $ 1,289,339     $ 18,897,091  
Purchase of other intangible assets     -       -       489,295       489,295  
Translation loss     -       -       (280,217 )     (280,217 )
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  

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2018, future amortization expense scheduled to be expensed is as follows:

 

Years ending        
December 31        
2019     $ 1,823,140  
2020       1,009,527  
2021       942,226  
2022       609,110  
2023       300,000  
Thereafter       1,950,000  
Total     $ 6,634,003