Quarterly report pursuant to sections 13 or 15(d)

5. Intangible Assets

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5. Intangible Assets
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
5. Intangible Assets

5.      Intangible Assets

Identifiable intangible assets as of June 30, 2013 and December 31, 2012 are comprised of: 

 

    June 30, 2013 (unaudited)   December 31, 2012
    Gross Carrying Amount   Accumulated Amortization   Total   Gross Carrying Amount   Accumulated Amortization   Total
Intangibles associated with the acquisition of NBS:                        
Trademarks and tradename   $ 563,000     $ (37,533 )   $ 525,467     $ 563,000     $ (9,383 )   $ 553,617  
Proprietary technology     1,903,000       (253,733 )     1,649,267       1,903,000       (63,433 )     1,839,567  
Non-compete agreement     3,257,000       (723,778 )     2,533,222       3,257,000       (180,944 )     3,076,056  
Customer contracts     9,824,000       (431,422 )     9,392,578       9,824,000       (107,856 )     9,716,144  
Favorable lease intangible     218,000       (29,067 )     188,933       218,000       (7,267 )     210,733  
Total acquired intangibles     15,765,000       (1,475,533 )     14,289,467       15,765,000       (368,883 )     15,396,117  
Other intangibles:                                                
Trademarks     315,745       (315,745 )     —         315,745       (315,745 )     —    
Intellectual property     86,397       (86,397 )     —         86,397       (86,397 )     —    
Total   $ 16,167,142     $ (1,877,675 )   $ 14,289,467     $ 16,167,142     $ (771,025 )   $ 15,396,117  

 

 

Amortization expense was $553,324 and $29,052 for the three months ended June 30, 2013 and 2012, respectively, and $1,106,649 and $58,104 for the six months ended June 30, 2013 and 2012, respectively. Estimated future aggregate amortization expense is as follows for the periods indicated:

 

  Year ending December 31:          
  2013     $ 1,106,650  
  2014       2,212,482  
  2015       2,031,538  
  2016       1,126,816  
  2017       1,056,116