Annual report pursuant to section 13 and 15(d)

5. Intangible Assets

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5. Intangible Assets
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
5. Intangible Assets

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

 

    December 31, 2013     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     $ (65,683 )   $ 497,317     $ 563,000     $ (9,383 )   $ 553,617  
Proprietary technology     1,903,000       (444,033 )     1,458,967       1,903,000       (63,433 )     1,839,567  
Non-compete agreement     3,257,000       (1,266,611 )     1,990,389       3,257,000       (180,944 )     3,076,056  
Customer relationships     9,824,000       (754,988 )     9,069,012       9,824,000       (107,856 )     9,716,144  
Favorable lease intangible     218,000       (50,867 )     167,133       218,000       (7,267 )     210,733  
Total acquired intangibles     15,765,000       (2,582,182 )     13,182,818       15,765,000       (368,883 )     15,396,117  
                                                 
Intangibles associated with the acquisition of the Broadvox Assets:                                                
Proprietary technology     3,878,000       -       3,878,000       -       -       -  
Non-compete agreements     5,471,000       -       5,471,000       -       -       -  
Customer relationships     12,517,000       -       12,517,000       -       -       -  
Total acquired intangibles     21,866,000       -       21,866,000       -       -       -  
Other intangibles:                                                
Trademarks     -       -       -       315,745       (315,745 )     -  
Intellectual property     -       -       -       86,397       (86,397 )     -  
Total   $ 37,631,000     $ (2,582,182 )   $ 35,048,818     $ 16,167,142     $ (771,025 )   $ 15,396,117  

 

During the year ended December 31, 2013, the Company retired the intangible assets not related to the Broadvox Assets and NBS. These assets became fully amortized at December 31, 2012 due to a change in the estimated useful life of the assets. Aggregate amortization expense for each of the five years subsequent to December 31, 2013 is expected to be as follows: 

  

For the year ended December 31,      
2014   $ 6,686,429  
2015     6,505,484  
2016     2,865,262  
2017     2,794,562  
2018     2,441,062