Quarterly report pursuant to Section 13 or 15(d)

4. INTANGIBLE ASSETS

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4. INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

Intangible assets consisted of the following at June 30, 2014:

 

Description   Original Fair
Market Value
    Accumulated Amortization     Net  
Vendor relationships   $ 1,170,000     $ 331,500     $ 838,500  
Trade name     230,000       65,167       164,833  
Noncompete agreement     2,710,000       767,833       1,942,167  
    $ 4,110,000     $ 1,164,500     $ 2,945,500  

 

Intangible assets consisted of the following at December 31, 2013:

 

Description   Original Fair
Market Value
    Accumulated Amortization     Net  
Vendor relationships   $ 1,170,000     $ 214,500     $ 955,500  
Trade name     230,000       42,167       187,833  
Noncompete agreement     2,710,000       496,833       2,213,167  
    $ 4,110,000     $ 753,500     $ 3,356,500  

 

Amortization expense for the three months ended June 30, 2014 and 2013 was $205,500 and $205,500, respectively, and $411,000 and $342,500, respectively, for the six months ended June 30, 2014 and 2013.