Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v2.4.0.8
Goodwill and Intangible Assets
9 Months Ended
Sep. 30, 2013
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
Note 4 - Goodwill and Intangible Assets
 
Goodwill and Intangible assets consisted of the following:
 
         
September 30, 2013
   
December 31, 2012
 
   
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
     
294,268
     
-
     
294,268
     
-
 
Intangible assets subject to amortization
                                     
   Customer list
 
5
     
897,274
     
489,865
     
897,274
     
383,356
 
   Non-compete agreements
 
4
     
262,147
     
243,807
     
262,147
     
166,572
 
       Total Intangible Assets
         
1,453,689
     
733,672
     
1,453,689
     
549,928
 
       Total Goodwill and Intangible Assets
       
$
3,655,517
     
733,672
   
$
3,655,517
   
$
549,928
 
  
Scheduled amortization over the next five years
 
For the twelve months ending September 30,
     
2014
 
$
225,877
 
2015
   
136,049
 
2016
   
30,635
 
2017
   
30,635
 
2018
   
2,553
 
Total
 
$
425,749
 
 
Amortization expense for the nine months ended September 30, 2013 and 2012 was $183,744 and $160,767 respectively.