Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v2.4.0.6
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
 
Note 4 - Goodwill and Intangible Assets
 
 
Goodwill and Intangible assets consisted of the following:
   
Estimated life in years
   
December 31, 2011
 
         
Gross amount
   
Accumulated Amortization
 
                   
Goodwill
 
Indefinite
    $ 2,201,828       -  
                       
Intangible assets not subject to amortization
                     
Trademarks
 
Indefinite
      279,268       -  
Intangible assets subject to amortization
                     
Customer list
    5 - 15       854,178       339,514  
Non-compete agreements
    4       262,147       101,031  
                         
       Total Intangible Assets
            1,395,593       440,545  
                         
       Total Goodwill and Intangible Assets
          $ 3,597,421     $ 440,545  
 
  
Scheduled amortization over the next five years as follows:
 
  Twelve months ending December 31,
       
  2012
    $ 214,356  
  2013
      214,356  
  2014
      178,858  
  2015
      68,210  
 
Total
  $ 675,780  
 
Amortization expense for the year ended December 31, 2011 and 2010 were $214,357 and $125,911 respectively