Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

Intangible assets consisted of the following:

	As of June 30, 2018						As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Intangible assets:
Customer relationships	$	4,022,100	$	804,400	$	3,217,700	$	4,022,100	$	603,300	$	3,418,800
Trade names		2,362,400		314,800		2,047,600		2,362,400		236,100		2,126,300
Formulas and batching processes		668,600		111,600		557,000		668,600		83,700		584,900
Non-compete agreement		26,300		10,600		15,700		26,300		7,900		18,400
		7,079,400		1,241,400		5,838,000		7,079,400		931,000		6,148,400
Goodwill						1,520,600						1,520,600
Total intangible assets					$	7,358,600					$	7,669,000

The amortization expense for the six months ended June 30, 2018 and 2017 was $310,400, respectively. The amortization expense for the three months ended June 30, 2018 and 2017 was $155,200, respectively.

Estimated amortization expense for 2018 and subsequent years is as follows:

2018 (remaining)	$	310,300
2019		620,700
2020		620,700
2021		617,600
Thereafter		3,668,700
Total	$	5,838,000