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Note 9 - Intangible Assets
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Dec. 31, 2012
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| Intangible Assets Disclosure [Text Block] |
NOTE
9 - 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 $20,097,933. 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 six
months ended December 31, 2012 and 2011 was $1,042,246 and
$647,717, 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 six months ended December 31,
2012 and 2011 was $60,782 and $59,847, 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 six months ended December 31,
2012 and 2011 was $24,910 and $12,353.
(D)
Future Amortization
Estimated
amortization expense of intangible assets over the next five
years is as follows:
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