Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.6.0.2
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The Company had the following definite lived intangible assets recorded as of the dates presented below:
 
 
December 31,
 
 
2016
 
2015
Customer relationships
 
$
33,605,000

 
$
33,605,000

Trade names
 
7,110,000

 
7,110,000

Less: accumulated amortization - customer relationships
 
17,655,228

 
9,295,228

Less: accumulated amortization - trade names
 
1,492,943

 
781,943

Intangible assets, net
 
$
21,566,829

 
$
30,637,829


Amortization expense for intangible assets was $9,071,000, $9,101,375 and $938,400 for the years ended December 31, 2016, 2015, and 2014, respectively. The original life of customer relationships range from 4 to 10 years with a remaining average useful life of 3.35 years. Trade names are amortized over a 10 year useful life and as of December 31, 2016 the remaining useful life was 7.90 years.
Aggregated expected amortization expense for the future periods is expected to be as follows:
Year ended December 31:
 
Amount
2017
 
$
9,071,004

2018
 
8,224,005

2019
 
738,504

2020
 
738,504

2021
 
732,752

Thereafter
 
2,062,060

 
 
$
21,566,829



Goodwill was $86,043,148 at December 31, 2016 and 2015.