Intangible Assets

6 Months Ended

Jun. 30, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

5. Intangible Assets

The components of intangible assets are as follows:


June 30, 2014	Estimated Useful Life		Gross Carrying Amount		Accumulated Amortization		Net
Finite lived intangible assets:
Customer relationships		5 years	$	12,720,000	$	2,438,000	$	10,282,000
Trademarks		7 years		6,230,000		852,917		5,377,083
Patents		7 years		230,683		230,683		—
Software		7 years		437,841		1,254		436,587
Customer lists		5 years		307,153		90,719		216,434

Total intangible assets			$	19,925,677	$	3,613,573	$	16,312,104

December 31, 2013	Estimated Useful Life		Gross Carrying Amount		Accumulated Amortization		Net
Finite lived intangible assets:
Customer relationships		5 years	$	12,720,000	$	1,166,000	$	11,554,000
Trademarks		7 years		6,230,000		407,917		5,822,083
Patents		7 years		230,683		216,951		13,732
Customer lists		5 years		307,153		60,004		247,149

Total intangible assets			$	19,487,836	$	1,850,872	$	17,636,964

June 30, 2014 and December 31, 2013

Estimated
Useful Life

Gross Carrying
Amount

Accumulated
Amortization

Net

Goodwill

Indefinite

58,337,290

We compute amortization using the straight-line method over the estimated useful lives of the assets. The amortization expense related to intangible assets was $880,605 for the quarter ended June 30, 2014 and $1,762,701 for the six months ended June 30, 2014, with no comparable expense for the comparable periods ended June 30, 2013. We have no indefinite-lived intangible assets other than goodwill. The goodwill is not deductible for tax purposes.