Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets

As a result of the July 1, 2018 MUSA-Galvanized acquisition, the Company recognized $3,545,467 in Goodwill for the excess of consideration transferred over the fair value of the acquired net tangible and identifiable intangible assets.

The Company also recorded a $1,424,000 intangible asset for the fair value of the customer relationships that were acquired, to be amortized on an accelerated basis over 15 years.

The balance of intangible assets subject to amortization at September 30, 2018 and December 31, 2017 is as follows:
 
September 30, 2018

 
December 31, 2017

Intangible assets, gross
$
22,873,000

 
$
21,449,000

Accumulated amortization of intangible assets
(12,326,049
)
 
(10,568,479
)
Intangible assets, net
$
10,546,951

 
$
10,880,521


Estimated amortization expense related to intangible assets for the next five years is as follows:
Remainder of 2018
$
615,523

2019
2,327,899

2020
2,157,765

2021
2,047,632

2022
1,814,415

2023
350,378

Thereafter
1,233,339