Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill (Tables)

v3.19.2
Intangible Assets and Goodwill (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2019:

 

June 30, 2019 (Unaudited)  

Useful Lives

(In Years)

    Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount  
                         
Amortized:                                
Customer relationships     9 - 10     $ 4,068,000       (642,000 )     3.426,000  
Trademark and tradename     3 - 15       1,471,000       (255,000 )     1,216,000  
Patents     7 - 13       2,467,000       (1,344,000 )     1,123,000  
Favorable contract interest     5       388,000       (186,000 )     202,000  
Covenant not to compete     4       208,000       (81,000 )     127,000  
              8,602,000       (2,508,000 )     6,094,000  
                                 
Unamortized:                                
Customer list             104,000       -       104,000  
Trademark and Tradename             61,000       -       61,000  
                                 
              165,000       -       165,000  
                                 
Total           $ 8,767,000     $ (2,508,000 )   $ 6,259,000  

 

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

Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

 

Year ending December 31:      
       
July - December 2019   $ 495,000  
2020     991,000  
2021     815,000  
2022     710,000  
2023     683,000  
Thereafter     2,400,000  
      6,094,000  
Schedule of Changes in Goodwill

The change in goodwill from January 1, 2019 to June 30, 2019 is as follows:

 

Balance of as January 1, 2019   $ 7,318,000  
CarrierWeb acquisition     1,055,000  
Balance as of June 30, 2019   $ 8,373,000