Intangible assets, net

9 Months Ended

Sep. 30, 2013

Intangible Assets, net

Intangible Assets, net

8. Intangible assets, net

The balance of intangible assets is comprised of the following:

	September 30, 2013			December 31,2012
	(Unaudited)
Covenant not to compete	$	3,533		$	3,533
Trade names	9,820			9,820
Proprietary know how	34,650			34,650
Lease contract rights	80,235			80,235
Management contract rights	81,000			81,000
Accumulated amortization	(35,369		)	(11,894		)
Intangible assets, net	$	173,869		$	197,344

Amortization expense related to intangible assets included in depreciation and amortization was $3,877 and $12,853 for the three and nine months ended September 30, 2013, respectively. Amortization for lease contracts rights was $3,383 and $11,152 for the three and nine months ended September 30, 2013, respectively, and is included in cost of parking services of lease contracts. There was no amortization for lease contracts included in cost of parking services for lease contracts for the three and nine months ended September 30, 2012.