| INTANGIBLE ASSETS, NET |
Intangible
assets consisted of the following at September 30, 2016 and December 31, 2015:
| |
|
Original
Fair Market Value |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
Useful
Life (Years) |
|
| Balance - September 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vendor relationships |
|
$ |
1,170,000 |
|
|
$ |
858,000 |
|
|
$ |
312,000 |
|
|
|
5 |
|
| In-process research and development |
|
|
3,730,000 |
|
|
|
– |
|
|
|
3,730,000 |
|
|
|
– |
|
| Trade names |
|
|
330,000 |
|
|
|
183,667 |
|
|
|
146,333 |
|
|
|
5 |
|
| Non-compete agreements |
|
|
2,787,000 |
|
|
|
1,998,383 |
|
|
|
788,617 |
|
|
|
5 |
|
| |
|
$ |
8,017,000 |
|
|
$ |
3,040,050 |
|
|
$ |
4,976,950 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance - December 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vendor relationships |
|
$ |
1,170,000 |
|
|
$ |
682,500 |
|
|
$ |
487,500 |
|
|
|
5 |
|
| In-process research and development |
|
|
3,730,000 |
|
|
|
– |
|
|
|
3,730,000 |
|
|
|
– |
|
| Trade names |
|
|
330,000 |
|
|
|
134,167 |
|
|
|
195,833 |
|
|
|
5 |
|
| Non-compete agreements |
|
|
2,787,000 |
|
|
|
1,580,333 |
|
|
|
1,206,667 |
|
|
|
5 |
|
| |
|
$ |
8,017,000 |
|
|
$ |
2,397,000 |
|
|
$ |
5,620,000 |
|
|
|
|
|
Amortization
expense for the three months ended September 30, 2016 and 2015 totaled $214,350 and $205,500, respectively, and for the nine months
ended September 30, 2016 and 2015 totaled $643,050 and $616,500, respectively.
|