Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

v3.10.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
A summary of the goodwill by business segment is as follows:
 
December 31, 2018
 
December 31, 2017
Training and Simulation Division
$
24,435,641

 
$
24,435,641

Power Systems Division
21,702,395

 
21,702,395

Total
$
46,138,036

 
$
46,138,036

Schedule of Finite-Lived Intangible Assets
Other intangible assets:
 
 
 
December 31,
 
 
 
2018
 
2017
 
Original Useful life
 
Cost
 
Net book value
 
Cost
 
Net book value
Technology
4 - 8 years
 
$
9,988,000

 
$
501,000

 
$
9,988,000

 
$
980,750

Capitalized software costs
3 - 5 years
 
6,499,735

 
1,268,278

 
5,562,119

 
741,355

Trademarks
10 years
 
28,000

 

 
28,000

 

Backlog/customer relationship
1 - 10 years
 
2,844,000

 

 
2,844,000

 

Covenant not to compete
6 years
 
400,000

 
29,000

 
400,000

 
76,000

Customer list
2 - 10 years
 
14,173,645

 
1,868,500

 
14,173,645

 
2,608,500

 
 
 
33,933,380

 
$
3,666,778

 
32,995,764

 
$
4,406,605

Less - accumulated amortization
 
 
(30,266,602
)
 
 
 
(28,589,159
)
 
 
Amortized cost
 
 
3,666,778

 
 
 
4,406,605

 
 
Trademarks (indefinite lives)
 
 
799,000

 
 
 
799,000

 
 
Net book value
 
 
$
4,465,778

 
 
 
$
5,205,605

 
 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated amortization expense, using both straight line and accelerated amortization methods, for the years shown is as follows:
Twelve months ended December 31,
2019
$
1,233,065

2020
789,212

2021
506,213

2022
427,650

2023
520,523

Thereafter
190,115

Total
$
3,666,778