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Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2014

Intangible Assets and Goodwill [Text Block]

Note 6 – Intangible Assets and Goodwill

Identifiable intangible assets
As discussed in Note 3, the Company recorded identifiable intangible assets totalling $3,390 in connection with its acquisition of NLEX in May 2014. Of this amount, $834 was assigned to Customer Relationships, $71 was assigned to a Non-Compete Agreement, $48 was assigned to NLEX’s Website and $2,437 was assigned to Trade Name. The Customer Relationships, Non-Compete Agreement and Website intangible assets are being amortized over 7.6, 2 and 5 years, respectively. The Trade Name intangible asset has an indefinite life, and therefore it is not being amortized.

Similarly, in February 2012 the Company acquired HGP for a total purchase price of $7,080, of which $5,640 was assigned to identifiable intangible assets: $4,180 was assigned to Customer/Broker Network and $1,460 was assigned to Trade Name. These intangible assets are being amortized over 12 and 14 years; respectively. Based on the Company’s assessment at December 31, 2014, these assets were not impaired.

The details of all identifiable intangible assets are shown below:

		December 31,			December 31,
Amortized Intangible Assets		2014			2013
Customer/Broker Network (HGP)	$	4,180		$	4,180
Accumulated amortization		(987	)		(639	)
		3,193			3,541

Trade Name (HGP)		1,460			1,460
Accumulated amortization		(295	)		(191	)
		1,165			1,269

Customer Relationships (NLEX)		834			—
Accumulated amortization		(64	)		—
		770			—

Non-Compete Agreement (NLEX)		71			—
Accumulated amortization		(21	)		—
		50			—

Website (NLEX)		48			—
Accumulated amortization		(6	)		—
		42			—

Total net amortized intangible assets		5,220			4,810

Unamortized Intangible Assets
Trade Name (NLEX)		2,437			—

Amortization expense during 2014 and 2013 was $543 and $453, respectively. No significant residual value is estimated for these intangible assets.

The estimated amortization expense during the next five fiscal years is shown below:

Year		Amount
2015	$	607
2016	$	587
2017	$	572
2018	$	572
2019	$	566

Goodwill
As part of its acquisition of Equity Partners in 2011, the Company recognized goodwill of $573, and as part of its acquisition of HGP in 2012, the Company recognized goodwill of $4,728.

Additionally, as part of its acquisition of NLEX in the second quarter of 2014, the Company recognized goodwill of $3,545, as discussed in more detail in Note 3.

A summary of the good will is shown below:

		December 31,		December 31,
		2014		2013

Equity Partners	$	573	$	573
HGP		4,728		4,728
NLEX		3,545		—
Total goodwill	$	8,846	$	5,301

No impairment resulted from the completion of the goodwill impairment tests at December 31, 2014, and there have been no events or changes in circumstances in 2014 that make it more likely than not that the carrying amount of this goodwill may be impaired.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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