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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2013
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets |
6. | Goodwill and Intangible Assets
The Company has recorded goodwill of $16,618,467 as of September 30, 2013. There were no changes in the carrying amount of goodwill for the three or nine month periods ended September 30, 2013. The Company considered whether there were indicators of impairment during the three or nine month periods ended September 30, 2013. The Company considered the significance of the write-off of the fair value of recorded contingent consideration (as disclosed in Note 3). The Company also considered the significance of a previously awarded DHS Blank Purchase Agreement ("BPA") under protest for a second and final time by an unsuccessful bidder. Management believes that the outcome of the DHS award protest is a more significant indicator to consider. Management believes the probability of the protest being successful is remote given that the DHS had reaffirmed on August 15, 2013 that the stop work order related to the first protest had been lifted and management believes after the second and final protest is decided upon by the U.S. Government Accounting Office ("GAO") that the outcome will be in the Company's favor. In the event the protest is not resolved in the Company's favor when a decision is reached by the GAO by December of 2013, the Company will take this into account during the Company's annual goodwill impairment test as of December 31st. The Company also has material intangible assets consisting of purchased intangibles and internally developed software used in the conduct of business. There were no additions to or disposals of intangible assets for the three or nine month periods ended September 30, 2013. There were fully amortized developed software intangibles with an original cost and accumulated amortization of approximately $1,239,000 disposed of during the nine month period ended September 30, 2012. The aggregate amortization expense recorded for the three month periods ended September 30, 2013 and 2012 was approximately $336,900 and $390,200, respectively. The aggregate amortization expense recorded for the nine month periods ended September 30, 2013 and 2012 was approximately $1,025,690 and $1,170,500, respectively. The total weighted average life of purchased and internally developed intangible assets is approximately 5.3 years at September 30, 2013.

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