Quarterly report pursuant to Section 13 or 15(d)

Amortizable Intangible Assets

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Amortizable Intangible Assets
6 Months Ended
Jun. 30, 2016
Amortizable Intangible Assets [Abstract]  
Amortizable Intangible Assets

Note 4 – Amortizable Intangible Assets

 

Intangible assets consist of the following at June 30, 2016 and December 31, 2015:

 

    2016     2015     Amortization
Period
Customer list     1,493,419     $ 1,413,872     5 years
Website costs     7,954       7,954     3 years
Licenses and permits     66,318       66,318     10 years
Non-compete agreement     10,000       -     5 years
Less accumulated amortization     (222,970 )     (74,791 )    
Intangible assets, net   $ 1,354,721     $ 1,413,353      

 

The estimated aggregate amortization expenses for the six months ended December 31, 2016 and for each of following four years ended December 31, are as follows:

 

Year Ending      
2016 (six months)     154,150  
2017     290,138  
2018     288,812  
2019     287,486  
2020     287,486  
Thereafter     46,649  
Total     1,354,721  

 

Amortization expense for the six months ended June 30, 2016 and 2015 was $148,179 and $9,081, respectively. Amortization expense for the three months ended June 30, 2016 and 2015 was $75,582 and $4,051, respectively.