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Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract] |
Summary of Acquired Intangible Assets | The following is a summary of the Company’s acquired intangible assets:
|  | June 30, 2018 |
|  | Weighted Average Amortization Period (years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Intangibles, Net |
Customer relationships |  |  | 10 |  |  | $ | 4,830,000 |  |  | $ | 995,582 |  |  | $ | 3,834,418 |
Developed technologies |  |  | 9 |  |  |  | 1,080,000 |  |  |  | 208,502 |  |  |  | 871,498 |
Tradename |  |  | 3 |  |  |  | 120,000 |  |  |  | 46,667 |  |  |  | 73,333 |
Non-compete agreement |  |  | 3 |  |  |  | 67,000 |  |  |  | 56,690 |  |  |  | 10,310 |
Total intangible assets, net |  |  | 10 |  |  | $ | 6,097,000 |  |  | $ | 1,307,441 |  |  | $ | 4,789,559 |
|  | December 31, 2017 |
|  | Weighted Average Amortization Period (years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Intangibles, Net |
Customer relationships |  |  | 10 |  |  | $ | 4,830,000 |  |  | $ | 754,082 |  |  | $ | 4,075,918 |
Developed technologies |  |  | 9 |  |  |  | 1,080,000 |  |  |  | 142,477 |  |  |  | 937,523 |
Tradename |  |  | 3 |  |  |  | 120,000 |  |  |  | 26,667 |  |  |  | 93,333 |
Non-compete agreement |  |  | 3 |  |  |  | 67,000 |  |  |  | 45,523 |  |  |  | 21,477 |
Total intangible assets, net |  |  | 10 |  |  | $ | 6,097,000 |  |  | $ | 968,749 |  |  | $ | 5,128,251 |
Schedule of Estimated Annual Amortization of Intangible Assets | The estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table. Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, asset impairments, among other factors. Amortization expense was $169,346 and $224,458 for the three months ended June 30, 2018 and 2017, respectively, and $338,692 and $321,804 for the six months ended June 30, 2018 and 2017, respectively.
|  | Estimated Future Amortization |
2018 (remaining six months) |  | $ | 337,836 |
2019 |  |  | 655,052 |
2020 |  |  | 627,667 |
2021 |  |  | 598,420 |
2022 |  |  | 563,000 |
Thereafter |  |  | 2,007,584 |
Total |  | $ | 4,789,559 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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