Quarterly report pursuant to Section 13 or 15(d)

Amortizable Intangible Assets

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Amortizable Intangible Assets
3 Months Ended
Mar. 31, 2017
Amortizable Intangible Assets [Abstract]  
Amortizable Intangible Assets

Note 4 – Amortizable Intangible Assets

 

Intangible assets consist of the following at March 31, 2017 and December 31, 2016:

 

                Amortization  
    2017     2016     Period  
Customer list   $ 1,681,560     $ 1,468,608       5 Years  
Website costs     5,954       5,954       3 Years  
Licenses and permits     66,318       66,318       10 Years  
Non-compete agreements     28,519       20,000       5 Years  
Less accumulated amortization     (449,939 )     (376,621 )        
Intangible assets, net   $ 1,332,412     $ 1,184,259          

The estimated aggregate amortization expense for each of following five years and thereafter as of March 31, 2017 is as follows:

 

Year Ending      
2017 (Remaining)   $ 242,103  
2018     321,812  
2019     320,819  
2020     320,819  
2021     84,263  
Thereafter     42,596  
Total   $ 1,332,412  

 

Amortization expense for the three months ended March 31, 2017 and 2016 was $73,318 and $72,597, respectively.

 

Impairment expense for the three months ended March 31, 2017 and 2016 and the year ended December 31, 2016 was $0, $0 and $159,977, respectively. The 2016 impairment charge was due to four of the significant customers originally included in the customer list valuation for WRE having significantly lower revenues in 2016.

 

Reconciliation of Amortizable Intangible Assets:

 

Reconciliation of amortizable Intangibles   Customer
Lists
    Permits     Non 
Compete
    Website     Total  
Balance at December 31, 2015, net   $ 1,340,889     $ 65,502     $ -       6,962     $ 1,413,353  
Acquisition of Sivart on May 11, 2016     79,547       -       10,000       -       89,547  
Acquisition of Northeast on December 31, 2016     135,165       -       10,000       -       145,165  
Website discount from vendor     -       -       -       (2,000 )     (2,000 )
Amortization expense     (293,546 )     (4,965 )     (1,333 )     (1,985 )     (301,829 )
Impairment charge for WRE Customer list     (159,977 )     -       -       -       (159,977 )
Balance at December 31, 2016, net   $ 1,102,078     $ 60,537     $ 18,667       2,977     $ 1,184,259  
Acquisition of Burt’s Refuse on February 28, 2017     212,953       -       8,518       -       221,471  
Amortization expense     (70,439 )     (1,241 )     (1,142 )     (496 )     (73,318 )
Balance at March 31, 2017, net   $ 1,244,592     $ 59,296     $ 26,043       2,481     $ 1,332,412