Quarterly report pursuant to Section 13 or 15(d)

Amortizable Intangible Assets

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Amortizable Intangible Assets
9 Months Ended
Sep. 30, 2016
Amortizable Intangible Assets [Abstract]  
Amortizable Intangible Assets

Note 4 – Amortizable Intangible Assets

 

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

 

                Amortization  
    2016     2015     Period  
Customer list   $ 1,493,419     $ 1,413,872       5 years  
Website costs     5,954       7,954       3 years  
Licenses and permits     66,318       66,318       10 years  
Non-compete agreement     10,000       -       5 years  
Less accumulated amortization     (299,878 )     (74,791 )        
Intangible assets, net   $ 1,275,813     $ 1,413,353          

 

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

 

Period Ended September 30, 2016      
2016 (remaining)     78,036  
2017     289,471  
2018     288,479  
2019     287,486  
2020     287,486  
Thereafter     44,855  
Total     1,275,813  

 

Amortization expense for the nine months ended September 30, 2016 and 2015 was $225,087 and $14,692, respectively. Amortization expense for the three months ended September 30, 2016 and 2015 was $76,908 and $5,611, respectively.