Annual report pursuant to section 13 and 15(d)

6. Intangible Assets

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6. Intangible Assets
12 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
6. Intangible Assets

Identifiable intangible assets as of December 31, 2012 and 2011 are comprised of:

 

      2012   2011
      Gross Carrying Amount   Accumulated Amortization   Total   Gross Carrying Amount   Accumulated Amortization   Total
Intangibles associated with the NBS transaction:                      
  Trademarks and tradename  $          563,000    $          (9,383)    $         553,617    $                      -       $                 -       $             -   
  Proprietary technology           1,903,000              (63,433)            1,839,567                            -                          -                      -   
  Non-compete agreement           3,257,000            (180,944)            3,076,056                            -                          -                      -   
  Customer contracts           9,824,000            (107,856)            9,716,144                            -                          -                      -   
  Favorable lease intangible              218,000                (7,267)               210,733                            -                          -                      -   
Other intangibles:                      
  Trademarks                315,745            (315,745)                         -                     315,745            (211,879)          103,866
  Intellectual property                86,397              (86,397)                         -                       86,397              (24,685)            61,712
  Total    $     16,167,142    $      (771,025)    $    15,396,117    $            402,142    $      (236,564)    $    165,578

The Company recorded an impairment charge of $163,126 for the year ended December 31, 2011 to write its trademark intangible assets down to their fair value. This asset, as well as the Intellectual property intangible, became fully amortized at December 31, 2012 due to a change in the estimated useful life of the asset. Aggregate amortization expense for each of the five years subsequent to December 31, 2012 is expected to be as follows:

For the year ended December 31,  
2013    $    2,212,482
2014          2,212,482
2015          2,031,538
2016          1,126,816
2017          1,056,116