Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill (Tables)

v3.19.1
Intangible Assets and Goodwill (Tables)
3 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

The following table summarizes identifiable intangible assets of the Company as of December 31, 2018 and March 31, 2019:

 

March 31, 2019 (Unaudited)  

Useful

Lives

(In Years)

 

Gross

Carrying

Amount

   

Accumulated

Amortization

   

Net

Carrying

Amount

 
                       
Amortized:                            
Customer relationships   10   $ 3,923,000       (536,000 )     3.387,000  
Trademark and tradename   10 - 15     1,367,000       (209,000 )     1,158,000  
Patents   11     1,489,000       (1,252,000 )     237,000  
Favorable contract interest   5     388,000       (162,000 )     226,000  
Covenant not to compete   4     208,000       (69,000 )     139,000  
          7,375,000       (2,228,000 )     5,147,000  
                             
Unamortized:                            
Customer list         104,000       -       104,000  
Trademark and Tradename         61,000       -       61,000  
                             
          165,000       -       165,000  
                             
Total       $ 7,540,000     $ (2,228,000 )   $ 5,312,000  

 

December 31, 2018  

Useful

Lives

(In Years)

 

Gross

Carrying

Amount

   

Accumulated

Amortization

   

Net

Carrying

Amount

 
                       
Amortized:                            
Customer relationships   10   $ 3,123,000       (442,000 )     2,681,000  
Trademark and tradename   10 - 15     1,367,000       (178,000 )     1,189,000  
Patents   11     1,489,000       (1,218,000 )     271,000  
Favorable contract interest   5     388,000       (137,000 )     251,000  
Covenant not to compete   4     208,000       (60,000 )     148,000  
          6,575,000       (2,035,000 )     4,540,000  
                             
Unamortized:                            
Customer list         104,000       -       104,000  
Trademark and Tradename         61,000       -       61,000  
                             
          165,000       -       165,000  
                             
Total       $ 6,740,000     $ (2,035,000 )   $ 4,705,000

Schedule of Finite-lived Intangible Assets, Future Amortization Expense

Amortization expense for the three-month periods ended March 31, 2018 and 2019 was $178,000 and $193,000, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

 

Year ending December 31:      
       
April - December 2019   $ 592,000  
2020     792,000  
2021     616,000  
2022     542,000  
2023     518,000  
Thereafter     2,087,000  
      5,147,000

Schedule of Changes in Goodwill

The change in goodwill from January 1, 2019 to March 31, 2019 is as follows:

 

Balance of as January 1, 2019   $ 7,318,000  
CarrierWeb acquisition     1,578,000  
Balance as of March 31, 2019   $ 8,896,000