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Note 8 - Intangible Assets
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Sep. 30, 2012
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| Intangible Assets Disclosure [Text Block] |
NOTE
8 - INTANGIBLE ASSETS
Intangible
assets consisted of the following:
(A)
Product Licenses
Product
licenses include internally-developed original license
issues, renewals, enhancements, copyrights, trademarks, and
trade names. Product licenses include unamortized software
development and enhancement costs of $19,390,935. Product
licenses are being amortized on a straight-line basis over
their respective lives, which is currently a weighted
average of approximately 8 years. Amortization expense for
the three months ended September 30, 2012 and 2011 was
$503,406 and $326,562, respectively.
(B)
Customer Lists
On
October 4, 2011, the Company entered into an agreement to
acquire a UK based company “Virtual Leasing Services
Limited” through one of its subsidiaries. As a result
of this acquisition, the Company recorded $248,320 of an
existing customer list.
Customer
lists are being amortized based on a straight-line basis,
which approximates the anticipated rate of attrition, which
is currently a weighted average of approximately 5 years.
Amortization expense for the three months ended September
30, 2012 and 2011 was $30,286 and $17,648,
respectively.
(C)
Technology
On
October 4, 2011, the Company entered into an agreement to
acquire a UK based company, Virtual Leasing Services
Limited, through one of its subsidiaries. As a result of
this acquisition, the Company recorded $242,702 of existing
technology. Technology assets are being amortized on a
straight-line basis over their respective lives, which is
currently a weighted average of approximately 5 years.
Amortization expense for the three months ended September
30, 2012 and 2011 was $12,353 and $Nil.
(D)
Future Amortization
Estimated
amortization expense of intangible assets over the next
five years is as follows:
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