| Goodwill and Intangible Assets |
Note 4 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| |
|
|
|
|
September 30, 2018 |
|
| |
|
|
Estimated
life
in years
|
|
|
|
Gross
Amount
|
|
|
|
Accumulated
Amortization
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Goodwill |
|
|
Indefinite |
|
|
$ |
3,015,700 |
|
|
|
N/A |
|
| Intangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Intangible assets not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
| Trademarks |
|
|
Indefinite |
|
|
|
294,268 |
|
|
|
N/A |
|
| Intangible assets subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
| Client list |
|
|
5 - 15 |
|
|
|
897,274 |
|
|
|
897,274 |
|
| ABC Acquired contracts |
|
|
5 |
|
|
|
310,000 |
|
|
|
118,833 |
|
| SIAS Acquired contracts |
|
|
5 |
|
|
|
660,000 |
|
|
|
253,000 |
|
| Non-compete agreements |
|
|
3 - 4 |
|
|
|
272,147 |
|
|
|
268,536 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Intangible Assets |
|
|
|
|
|
|
2,433,689 |
|
|
|
1,537,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Goodwill and Intangible Assets |
|
|
|
|
|
$ |
5,449,389 |
|
|
$ |
1,537,643 |
|
Scheduled amortization over the next three years as follows:
| For the Twelve Months ending September 30, |
|
|
|
|
| 2019 |
|
|
$ |
197,333 |
|
| 2020 |
|
|
|
194,278 |
|
| 2021 |
|
|
|
194,000 |
|
| 2022 |
|
|
|
16,167 |
|
| Total |
|
|
$ |
601,778 |
|
Amortization expense for the nine months ended September 30, 2018
and 2017 was $148,000 and $25,476 respectively.
|