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Intangible Assets
 12 Months Ended
Dec. 31, 2016
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

NOTE 4 - INTANGIBLE ASSETS

 

In the year ended December 31, 2016, customer lists include the intangible assets related to customer relationships acquired through the acquisition of Christian Disposal and Eagle Ridge with a cost basis of $10,180,000. The customer list intangible assets are amortized over their useful life which ranged from 5 to 20 years. Amortization expense, excluding amortization of landfill assets of $337,254 and $3,043, amounted to $3,735,799 and $2,869,385 for the years ended December 31, 2016 and 2015 respectively. In June of 2016 the Company recorded $1,255,269 of impairment expense against the customer relationships due to the non-renewal of a Christian operating agreement. In addition, the contingent liability related to the Christian acquisition settled with no payment required and accordingly the $1,000,000 contingent liability recorded related was written off and recognized as other income.

 

The following tables set forth the intangible assets, both acquired and developed, including accumulated amortization as of December 31, 2016 and December 31, 2015:

 

    December 31, 2016
    Remaining         Accumulated     Net Carrying  
    Useful Life   Cost     Amortization     Value  
                       
Customer lists   9.8 years   $ 24,187,452     $ 9,633,823     $ 14,553,629  
Non-compete agreement   3.2 years     206,000       91,320       114,680  
Website   4.0 years     44,619       5,800       38,819  
        $ 24,438,071     $ 9,730,943     $ 14,707,128  

 

    December 31, 2015
    Remaining         Accumulated     Net Carrying  
    Useful Life   Cost     Amortization     Value  
                       
Customer list   13.7 years   $ 24,187,452     $ 4,687,090     $ 19,500,362  
Non-compete agreement   4.2 years     206,000       50,301       155,699  
Website   3.9 years     13,920       3,016       10,904  
        $ 24,407,372     $ 4,740,407     $ 19,666,965  

 

The following table sets forth the future amortization of the Company’s intangible assets at December 31, 2016:

 

    2017     2018     2019     2020     2021     Thereafter     Total  
Customer list   $ 3,367,159     $ 3,367,159     $ 2,361,496     $ 853,001     $ 853,001     $ 3,751,813     $ 14,553,629  
Non-compete agreement     40,337       40,337       22,836       11,170       -       -       114,680  
Website     8,846       8,846       8,847       6,140       6,140       -       38,819  
Total   $ 3,416,342     $ 3,416,342     $ 2,393,179     $ 870,311     $ 859,141     $ 3,751,813     $ 14,707,128