Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.7.0.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The Company had the following definite lived intangible assets recorded:
 
 
March 31,
 
December 31,
 
 
2017
 
2016
Customer relationships
 
$
33,605,000

 
$
33,605,000

Trade names
 
7,110,000

 
7,110,000

Less: accumulated amortization - customer relationships
 
19,745,228

 
17,655,228

Less: accumulated amortization - trade names
 
1,670,693

 
1,492,943

Intangible assets, net
 
$
19,299,079

 
$
21,566,829


Amortization expense for intangible assets was $2,267,750 and $2,267,750 for the three months ended March 31, 2017 and 2016, respectively. The original life of customer relationships range from 4 to 10 years with a remaining average useful life of 3.10 years. Trade names are amortized over a 10 year useful life and as of March 31, 2017 the remaining useful life was 7.65 years.
Aggregated expected amortization expense for the future periods is expected to be as follows:
Year ended December 31:
 
Amount
Remainder of 2017
 
$
6,803,254

2018
 
8,224,005

2019
 
738,504

2020
 
738,504

2021
 
732,752

Thereafter
 
2,062,060

 
 
$
19,299,079



Goodwill was $86,043,148 at March 31, 2017 and December 31, 2016.