| INTANGIBLE ASSETS, NET |
Intangible
assets consisted of the following at June 30, 2016 and December 31, 2015:
| |
|
Original
Fair Market Value |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
Useful
Life (Years) |
|
| Balance - June 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vendor relationships |
|
$ |
1,170,000 |
|
|
$ |
799,500 |
|
|
$ |
370,500 |
|
|
|
5 |
|
| In-process research and development |
|
|
3,730,000 |
|
|
|
– |
|
|
|
3,730,000 |
|
|
|
– |
|
| Trade names |
|
|
330,000 |
|
|
|
167,167 |
|
|
|
162,833 |
|
|
|
5 |
|
| Non-compete agreements |
|
|
2,787,000 |
|
|
|
1,859,033 |
|
|
|
927,967 |
|
|
|
5 |
|
| |
|
$ |
8,017,000 |
|
|
$ |
2,825,700 |
|
|
$ |
5,191,300 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 June 30, 2016 and 2015 totaled $214,350 and $205,500, respectively, and for the six months
ended June 30, 2016 and 2015 totaled $428,700 and $411,000, respectively.
|