Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Goodwill

v2.4.0.6
Note 9 - Goodwill
6 Months Ended
Dec. 31, 2011
Goodwill Disclosure [Text Block]
NOTE 9 – GOODWILL

Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in businesses combinations. Goodwill was comprised of the following amounts:

   
As of December 31,
   
As of June 30,
 
   
2011
   
2011
 
 Asia Pacific
  $ 1,303,372     $ 1,303,372  
 Europe
    3,685,858       3,471,813  
 USA
    4,664,100       4,664,100  
                 
     Total
  $ 9,653,330     $ 9,439,285  
                 

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 goodwill of $214,044.

The Company has determined that there was no impairment of the goodwill for either period presented.