Quarterly report pursuant to Section 13 or 15(d)

4. Intangible Assets

v3.5.0.2
4. Intangible Assets
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
4. Intangible Assets

Intangible assets as of September 30, 2016 and December 31, 2015 are as follows:

 

    September 30,     December 31,  
    2016     2015  
             
Trademarks and tradenames   $ 1,093,400     $ 1,093,400  
Proprietary technology     6,670,000       5,781,000  
Non-compete agreements     10,711,043       10,703,043  
Customer relationships     45,000,181       44,888,181  
Favorable lease intangible     218,000       218,000  
      63,692,624       62,683,624  
   Less: accumulated amortization     (20,965,072 )     (16,859,225 )
   Intangible assets, net   $ 42,727,552     $ 45,824,399  

 

Amortization expense was $1.4 million and $1.9 million for the three months ended September 30, 2016 and 2015, respectively, and for the nine months ended September 30, 2016 and 2015 was $4.1 million and $5.6 million, respectively. Estimated future aggregate amortization expense is expected to be as follows:

 

Year     Estimated Annual Amortization Expense  
Remainder of        
2016     $ 2,038,362  
2017     6,065,102  
2018     5,318,305  
2019     4,293,561  
2020     4,500,563  
and thereafter   $ 20,511,659