Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v2.4.0.6
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 4 - Goodwill and Intangible Assets
 
Goodwill and Intangible assets consisted of the following:
 
         
June 30, 2012
   
December 31, 2011
 
   
Estimated
life in Years
   
Gross
amount
   
Accumulated Amortization
   
Gross
amount
   
Accumulated Amortization
 
                           
Goodwill
 
Indefinite
    $ 2,201,828       -     $ 2,201,828       -  
Intangible assets not subject to amortization
                                     
Trademarks
 
Indefinite
      279,268       -       279,268       -  
Intangible assets subject to amortization
                                     
Customer list
 
5 - 15
      854,178       413,919       854,178       339,514  
Non-compete agreements
  4       262,147       133,805       262,147       101,031  
                                         
       Total Intangible Assets
            1,395,593       547,724       1,395,593       440,545  
                                         
       Total Goodwill and Intangible Assets
          $ 3,597,421       547,724     $ 3,597,421     $ 440,545  
 
Scheduled amortization over the next five years as follows:
 
For the twelve months ending June 30,
     
2013
     
214,356
 
2014
     
211,626
 
2015
     
142,619
 
2016
     
-
 
2017
     
-
 
Total
   
$
568,601
 
 
Amortization expense for the six months ended June 30, 2012 and 2011 was $107,180 and $107,180 respectively.