Acquisition (Tables)

12 Months Ended

Dec. 31, 2014

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block]

The following table provides the effects of changes in ITIC's ownership interest in United, and the resulting impact on the Company's equity:



	December 31, 2014			December 31, 2013
Net income attributable to the Company	$	9,648,975		$	14,708,210
Transfers from the redeemable controlling interest:
Decrease in paid-in capital for purchase of redeemable noncontrolling interest	(114,320		)	—
Net transfers from noncontrolling interest	(114,320		)	—
Change from net income attributable to the Company and transfers from redeemable noncontrolling interest	$	9,534,655		$	14,708,210

Reconciliation Of Total Redeemable Equity

The following table provides a reconciliation of total redeemable equity for the periods ended December 31, 2014, 2013 and 2012:



Changes in carrying value during the period ended:	2014			2013			2012
Beginning balance at January 1	$	545,489		$	493,861		$	—
Net income attributable to redeemable noncontrolling interest	23,523			88,528			88,411
Distributions to noncontrolling interest	(168,057		)	(36,900		)	(40,800		)
Redeemable noncontrolling interest resulting from subsidiary purchase	(515,275		)	—			446,250
Adjustment to retained earnings for purchase of noncontrolling interest	114,320			—			—
Balance, net	$	—		$	545,489		$	493,861

Schedule Of Aggregate Amortization Expense for Intangible Assets

The amortization of the non-compete contract will start at a future date when the related employment agreement is terminated. There are currently no plans to terminate the employment agreement, and the Company does not believe it is probable that termination of the employment agreement will occur within the calendar year. Assuming that the amortization of the non-complete agreement begins on the first day of 2016, estimated aggregate amortization expense for each of the five succeeding fiscal years are as follows:



Year Ended:
2015	$	69,685
2016	134,253
2017	134,253
2018	134,253
2019	134,253
Thereafter	683,572
Total	$	1,290,269

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References+ Details