Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v2.4.0.8
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2014
Goodwill And Intangible Assets Tables  
Intangible assets

The following table presents details of our purchased intangible assets as of June 30, 2014 and December 31, 2013:

 

    Balance at                 Balance at  
    December 31, 2013     Additions     Amortization     June 30, 2014  
Patents and trademarks   $ 118,098     $ -     $ (4,573 )   $ 113,525  
Customer contracts     541,528       -       (50,064 )     491,464  
Customer and merchant relationships     -       2,010,000       (61,056 )     1,948,944  
Trade name     22,391       176,000       (10,190 )     188,201  
Acquired technology     182,298       260,000       (39,890 )     402,408  
Non-compete agreement     71,001       -       (14,691 )     56,310  
    $ 935,316     $ 2,446,000     $ (180,465 )   $ 3,200,852  

 

The intangible assets are being amortized on a straight line basis over their estimated useful lives of one to ten years.

 

During the six months ended June 30, 2014, the following intangible assets were purchased with the following useful lives:

 

SmartReceipt, Inc.:

    Fair value   Useful Life
Merchant relationships   $ 2,010,000   10 years
Trade name   $ 176,000   10 years
Developed technology   $ 260,000   10 years

 
Future amortization intangible assets

The estimated future amortization expense of our intangible assets as of June 30, 2014 is as follows:

 

Year ending December 31,   Amount  
2014   $ 228,461  
2015     462,976  
2016     385,038  
2017     339,669  
2018     333,822  
Thereafter     1,450,886  
Total   $ 3,200,852