Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2015

Intangible Assets and Goodwill [Text Block]

Note 6 – Intangible Assets and Goodwill

Identifiable intangible assets

The Company’s identifiable intangible assets are associated with its acquisitions of HGP in 2012 and NLEX in 2014. The HGP-related intangible assets are a Customer/Broker Network and a Trade Name, with useful lives of 12 and 14 years, respectively. The NLEX-related intangible assets are Customer Relationships, a Non-Compete Agreement and a Website, with useful lives of 7.6, 2 and 5 years respectively, and a Trade Name. The Trade Name has an indefinite life and therefore is not being amortized. The details of all identifiable intangible assets are shown below:

		March 31,			December 31,
Amortized Intangible Assets		2015			2014
Customer/Broker Network (HGP)	$	4,180		$	4,180
Accumulated amortization		(1,074	)		(987	)
		3,106			3,193

Trade Name (HGP)		1,460			1,460
Accumulated amortization		(322	)		(295	)
		1,138			1,165

Customer Relationships (NLEX)		834			834
Accumulated amortization		(91	)		(64	)
		743			770

Non-Compete Agreement (NLEX)		71			71
Accumulated amortization		(30	)		(21	)
		41			50

Website (NLEX)		48			48
Accumulated amortization		(8	)		(6	)
		40			42

Total net amortized intangible assets		5,068			5,220

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

Total net intangible assets	$	7,505		$	7,657

Amortization expense during the first three months of 2015 and 2014 was $152 and $113, 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	$455
2016	$587
2017	$572
2018	$572
2019	$566

Goodwill

The Company’s goodwill is related to its asset liquidation business, and is comprised of goodwill from three acquisitions, as shown below. There were no impairment losses or other charges to the carrying amount of goodwill during the three months ended March 31, 2015.

Entity acquired	Acquisition date		Goodwill
Equity Partners	June 2011	$	573
HGP	February 2012		4,728
NLEX	June 2014		3,545
Total goodwill		$	8,846

- 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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