Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v2.4.0.8
Intangible Assets
3 Months Ended
Mar. 31, 2014
Intangible Assets and Goodwill [Abstract]  
Intangible Assets
Note 9 - Intangible Assets
 
Lilien Acquisition
 
Balances of the intangible assets that relate to the Lilien acquisition are as follows as of March 31, 2014:
 
   
As of March 31, 2014
 
Amortized Intangible Assets
 
Gross Carrying
Amount
   
Accumulated
Amortization
 
             
Trade name/trademarks                                                                                
  $ 3,250,000     $ (502,971 )
Customer relationships                                                                                
    2,130,000       (329,650 )
Total                                                                                
  $ 5,380,000     $ (832,621 )
 
The weighted average remaining amortization period for the Company’s trade names/ trademarks and customer relationships is 3.57 and 2.34 years, respectively.
 
Shoom Acquisition
 
Balances of the intangible assets that relate to the Shoom acquisition are as follows as of March 31, 2014:
 
   
As of March 31, 2014
 
Amortized Intangible Assets
 
Gross Carrying
Amount
   
Accumulated
Amortization
 
             
Trade name/trademarks                                                                                
  $ 120,000     $ (10,000 )
Customer relationships                                                                                
    1,270,000       (105,833 )
Developed technology                                                                                
    1,380,000       (201,250 )
Total                                                                                
  $ 2,770,000     $ (317,083 )
 
The weighted average remaining amortization period for the Company’s trade names/ trademarks, customer relationships and developed technology is 0.29, 3.05 and 1.64 years, respectively.
 
Aggregate Amortization Expense:
 
Aggregate amortization expense for the three months ended March 31, 2014 was $328,035.
 
The following table presents the Company’s estimate for total amortization expense for the year ended December 31, 2014 through 2019 and thereafter.
 
Year Ending December 31,
 
Amount
 
2014   $ 984,108  
2015                                                    
    1,312,143  
2016                                                    
    1,312,143  
2017                                                    
    1,197,143  
2018                                                    
    967,143  
2019 and thereafter                                                    
    1,227,616  
Total                                                    
  $ 7,000,296