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INTANGIBLE ASSETS
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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| INTANGIBLE ASSETS |
The
Company’s intangible assets consist of licenses for the use
of Internet domain names, Universal Resource Locators, or URLs,
capitalized website development costs, other information technology
licenses and marketing and technology related intangibles acquired
through the acquisition of LiveDeal, Inc. All such
assets are capitalized at their original cost and amortized over
their estimated useful lives ranging from three to 20
years.
The
Company performed its annual impairment analysis and determined
that no impairment existed at September 30, 2011 and
2010. In
connection with the discontinued operations related to the Direct
Sales business, net intangible assets of $367,588 were written off
in the second fiscal quarter of 2011.
The
following summarizes estimated future amortization expense related
to intangible assets that have net balances as of September 30,
2011:
Total
amortization expense related to intangible assets was $349,030 and
non-cash impairment charges of $367,588 was associated with the
write off of net intangible
assets from discontinued operations for the year ended September
30, 2011. Total amortization expense related to
intangible assets was $632,744 for the year ended September 30,
2010.
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