Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.5.0.2
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The Partnership had the following definite lived intangible assets recorded:
 
 
September 30,
 
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
 
15,563,311

 
9,295,228

Less: accumulated amortization - trade names
 
1,315,193

 
781,943

Intangible assets, net
 
$
23,836,496

 
$
30,637,829


Amortization expense for intangible assets was $6,801,333 and $6,836,616 for the nine months ended September 30, 2016 and 2015, respectively. The original life of customer relationships range from 4 to 10 years with a remaining average useful life of 3.60 years. Trade names are amortized over a 10 year useful life and as of September 30, 2016 the remaining useful life was 8.15 years.
Aggregated expected amortization expense for the future periods is expected to be as follows:
Year ended December 31:
 
Amount
Remainder of 2016
 
$
2,269,670

2017
 
9,071,004

2018
 
8,224,005

2019
 
738,504

2020
 
738,504

Thereafter
 
2,794,809

 
 
$
23,836,496



Goodwill was $86,043,148 at September 30, 2016 and December 31, 2015.