| Goodwill and impairment |
The following table presents goodwill
and impairment for the years ended December 31, 2013 and 2012:
| |
|
Goodwill |
|
| December 31, 2011 |
|
$ |
3,002,070 |
|
| Acquired |
|
|
- |
|
| Impairment |
|
|
(742,446 |
) |
| December 31, 2012 |
|
|
2,259,624 |
|
| Acquired |
|
|
1,915,408 |
|
| Impairment |
|
|
(1,066,068 |
) |
| December 31, 2013 |
|
$ |
3,108,964 |
|
|
| Intangible assets |
The following table presents components
of identifiable intangible assets for the years ended December 31, 2013 and 2012:
| |
|
December 31, 2013 |
|
|
December 31, 2012 |
|
| |
|
Gross Carrying Amount |
|
|
Accumulated Amortization and Impairment |
|
|
Net Carrying Amount |
|
|
Weighted Average Useful Life (Years) |
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization and Impairment |
|
|
Net Carrying Amount |
|
|
Weighted Average Useful Life (Years) |
|
| Patents and trademarks |
|
$ |
142,000 |
|
|
$ |
(23,902 |
) |
|
$ |
118,098 |
|
|
|
20.00 |
|
|
$ |
127,000 |
|
|
$ |
(15,381 |
) |
|
$ |
111,619 |
|
|
|
20.00 |
|
| Customer contracts |
|
|
1,069,900 |
|
|
|
(528,372 |
) |
|
|
541,528 |
|
|
|
5.88 |
|
|
|
256,900 |
|
|
|
(178,135 |
) |
|
|
78,765 |
|
|
|
5.00 |
|
| Customer and merchant relationships |
|
|
1,128,583 |
|
|
|
(1,128,583 |
) |
|
|
- |
|
|
|
4.78 |
|
|
|
925,583 |
|
|
|
(896,527 |
) |
|
|
29,056 |
|
|
|
3.74 |
|
| Trade name |
|
|
199,750 |
|
|
|
(177,359 |
) |
|
|
22,391 |
|
|
|
5.00 |
|
|
|
123,750 |
|
|
|
(93,162 |
) |
|
|
30,588 |
|
|
|
5.00 |
|
| Acquired technology |
|
|
573,550 |
|
|
|
(391,252 |
) |
|
|
182,298 |
|
|
|
4.72 |
|
|
|
406,550 |
|
|
|
(213,091 |
) |
|
|
193,459 |
|
|
|
4.61 |
|
| Non-compete agreement |
|
|
132,083 |
|
|
|
(61,082 |
) |
|
|
71,001 |
|
|
|
2.90 |
|
|
|
8,083 |
|
|
|
(7,458 |
) |
|
|
625 |
|
|
|
2.16 |
|
| |
|
$ |
3,245,866 |
|
|
$ |
(2,310,550 |
) |
|
$ |
935,316 |
|
|
|
|
|
|
$ |
1,720,866 |
|
|
$ |
(1,403,754 |
) |
|
$ |
444,112 |
|
|
|
|
|
|
| Future amortization intangible assets |
Expected future intangible asset amortization as of December
31, 2013 is as follows:
| Year ending December 31, |
|
Amount |
|
| 2014 |
|
$ |
211,574 |
|
| 2015 |
|
|
217,624 |
|
| 2016 |
|
|
139,692 |
|
| 2017 |
|
|
94,319 |
|
| 2018 |
|
|
88,470 |
|
| Thereafter |
|
|
183,636 |
|
| Total |
|
$ |
935,316 |
|
|