Quarterly report pursuant to Section 13 or 15(d)

4. Intangible Assets

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4. Intangible Assets
6 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
4. Intangible Assets

Identifiable intangible assets as of June 30, 2014 and December 31, 2013 are comprised of: 

 

      June 30, 2014    December 31, 2013
      Gross Carrying Amount   Accumulated Amortization   Total   Gross Carrying Amount   Accumulated Amortization   Total
Intangibles associated with the acquisition of NBS:                      
  Trademarks and tradename  $          563,000    $        (93,833)    $        469,167    $            563,000    $        (65,683)    $        497,317
  Proprietary technology           1,903,000            (634,333)           1,268,667               1,903,000            (444,033)           1,458,967
  Non-compete agreement           3,257,000         (1,809,444)           1,447,556               3,257,000         (1,266,611)           1,990,389
  Customer relationships           9,824,000         (1,078,487)           8,745,513               9,824,000            (754,988)           9,069,012
  Favorable lease intangible              218,000              (72,667)              145,333                  218,000              (50,867)              167,133
  Total acquired intangibles         15,765,000         (3,688,764)         12,076,236             15,765,000         (2,582,182)         13,182,818
                           
Intangibles associated with the Broadvox Transaction:                      
  Proprietary technology           3,878,000            (387,800)           3,490,200               3,878,000                       -              3,878,000
  Non-compete agreements           5,471,000         (1,367,750)           4,103,250               5,471,000                       -              5,471,000
  Customer relationships         12,517,000            (481,423)         12,035,577             12,517,000                       -            12,517,000
  Total acquired intangibles         21,866,000         (2,236,973)         19,629,027             21,866,000                       -            21,866,000
  Total    $     37,631,000    $   (5,925,737)    $   31,705,263    $       37,631,000    $   (2,582,182)    $   35,048,818

 

Amortization expense for the three and six months ended June 30, 2014 was $1.7 million and $3.3 million, respectively. Amortization expense for the three and six months ended June 30, 2013 was $0.6 million and $1.1 million, respectively. Estimated future aggregate amortization expense is as follows for the periods indicated:

 

          ($000's)
Remainder of the year 2014      $          3,343
Year ending December 31: 2015                  6,505
    2016                  2,865
    2017                  2,795
    2018                  2,441