Quarterly report pursuant to sections 13 or 15(d)

NOTE 4 - INTANGIBLE ASSETS

v2.4.0.8
NOTE 4 - INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
NOTE 4 – INTANGIBLE ASSETS

Intangible assets consist of intellectual property and customer lists acquired and are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives.

The components of intangible assets are as follows:

   
June 30,
2013
   
December 31,
2012
 
Proprietary developed software
 
$
294,036
   
$
294,036
 
Intellectual property, customer list, and acquired contracts
   
694,000
     
694,000
 
                 
Total intangible assets
 
$
988,036
   
$
988,036
 
Less: accumulated amortization
   
201,352
     
103,523
 
   
$
786,684
   
$
884,513
 

Amortization expense included in depreciation and amortization was $49,402 and $97,829 for the three and six months ended June 30, 2013 as compared to and $6,300 for both the three and six months ended June 30, 2012.