| Goodwill and Intangible Assets |
Note 4 - Goodwill and Intangible Assets
Goodwill and intangible assets consisted of the following:
| |
|
|
|
|
June 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 |
|
|
|
|
|
|
|
|
|
|
|
|
| Customer list |
|
|
5 - 15 |
|
|
|
897,274 |
|
|
|
897,274 |
|
| ABC Acquired contracts |
|
|
5 |
|
|
|
310,000 |
|
|
|
103,333 |
|
| SIAS Acquired contracts |
|
|
5 |
|
|
|
660,000 |
|
|
|
220,000 |
|
| Non-compete agreements |
|
|
3 - 4 |
|
|
|
272,147 |
|
|
|
267,703 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Intangible Assets |
|
|
|
|
|
|
2,433,689 |
|
|
|
1,488,310 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Goodwill and Intangible Assets |
|
|
|
|
|
$ |
5,449,389 |
|
|
$ |
1,488,310 |
|
Scheduled amortization over the next three years as follows:
| For the Twelve Months ending June 30, |
|
|
|
|
| 2019 |
|
|
$ |
197,333 |
|
| 2020 |
|
|
|
196,778 |
|
| 2021 |
|
|
|
194,000 |
|
| 2022 |
|
|
|
63,000 |
|
| Total |
|
|
$ |
651,111 |
|
Amortization expense for the six months ended June 30, 2018 and
2017 was $98,667 and $16,984, respectively.
|