Annual report pursuant to Section 13 and 15(d)

7. GOODWILL AND INTANGIBLE ASSETS (Tables)

v3.3.1.900
7. GOODWILL AND INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
Balance - December 31, 2013   $ 1,855,512  
Additions due to acquisitions      
Balance - December 31, 2014     1,855,512  
Additions due to CanX acquisition     2,788,300  
Balance - December 31, 2015   $ 4,643,812  
Schedule of intangible activity
    Vendor Relationships     In-Process Research and Development     Trade Names     Non-compete Agreements     Total  
Balance - December 31, 2013   $ 1,170,000     $     $ 230,000     $ 2,710,000     $ 4,110,000  
Additions due to acquisitions                              
Balance - December 31, 2014     1,170,000             230,000       2,710,000       4,110,000  
Additions due to CanX acquisition           3,730,000       100,000       77,000       3,907,000  
Balance - December 31, 2015   $ 1,170,000     $ 3,730,000     $ 330,000     $ 2,787,000     $ 8,017,000  
Schedule of intangible assets
    Original Fair Market Value     Accumulated Amortization     Net     Useful Life (Years)  
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 agreement     2,787,000       1,580,333       1,206,667       5  
    $ 8,017,000     $ 2,397,000     $ 5,620,000          
                                 
Balance - December 31, 2014:                                
Vendor relationships   $ 1,170,000     $ 448,000     $ 722,000       5  
Trade names     230,000       88,167       141,833       5  
Non-compete agreement     2,710,000       1,038,833       1,671,167       5  
    $ 4,110,000     $ 1,575,000     $ 2,535,000          
Schedule of future amortization expense
2016   $ 857,400  
2017     857,400  
2018     104,400  
2019     35,400  
2020     35,400