XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Business Combinations, Intangible Assets and Goodwill | 12 Months Ended
--- | ---
Dec. 31, 2017
Business Combinations [Abstract] |
Acquisition | Recent Business Combinations In October 2016, National Investors Holdings, LLC ("NIH"), a subsidiary of the Company, acquired all of the outstanding shares of a title insurance agency doing business in Texas. NIH paid $10 million plus a $918,000 adjustment for the title insurance agency’s net cash position at closing. Intangible Assets The fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from a third party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that certain events and changes in circumstances occurred during 2017 that indicated a portion of the carrying amount of the Company’s intangible assets may not be recoverable. Therefore, net identifiable intangible assets of $153,667 were impaired during 2017. Identifiable intangible assets consist of the following as of December 31:
Year Ended: | 2017 | 2016
Referral relationships | $ | 6,416,215 |  | $ | 6,416,215 |
Non-complete agreements | 1,405,685 |  | 1,405,685 |
Tradename | 560,000 |  | 560,000 |
Total | 8,381,900 |  | 8,381,900 |
Accumulated amortization | (1,374,461 | ) | (475,110 | )
Identifiable intangible assets, net | $ | 7,007,439 |  | $ | 7,906,790 |
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended: |
2018 | $ | 642,253 |
2019 | 568,920 |
2020 | 568,920 |
2021 | 561,587 |
2022 | 524,920 |
Thereafter | 4,140,839 |
Total | $ | 7,007,439 |
Goodwill and Title Plant As of December 31, 2017 and 2016, the Company recognized $4,349,851 in goodwill and $690,000 in a title plant, net of impairments, as the result of title agency acquisitions. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from a third party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that certain events and changes in circumstances occurred during 2017 that indicated a portion of the carrying amount of the Company’s goodwill may not be recoverable. Therefore, goodwill of $29,000 was impaired during 2017.

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration