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Other Assets

12 Months Ended

Dec. 31, 2011

OtherAssetsAndGoodwillAbstract

6. Other Assets

Other assets consisted of the following as of December 31, 2011 and 2010:


		2011				2010
Investment in FOREX NYC - 20% interest		$	-			$	200,000
White label licenses and websites			17,560				70,239
		$	17,560			$	270,239

Investment in FOREX NYC

On December 18, 2010, the Company acquired 20% of the issued and outstanding equity of Forex New York City, LLC (“Forex NYC”) in exchange for 1,000,000 shares of the Company’s common stock, then valued at $200,000. On July 2011, the Company unwound its agreement with Forex NYC and the 1,000,000 shares were returned to the Company.

Websites development ,net

On April 19, 2010, the Company entered into a Software Licensing Agreement whereby the Company will license proprietary trading software (the “Software”) for the purpose of developing a Forex Trading Platform and introducing prospective clients (“End Users”). In return, the Company received a newly created website, at cost of $105,359. The costs of the website includes the vendor’s normal set-up fee plus payroll costs and consulting fees incurred by the Company relating to the development of internal use software. The total $105,359 cost was capitalized and is being amortized over a 2 year life. Amortization expense for the years ended December 31, 2011 and 2010 was $52,679 and $35,120, respectively. The remaining amortization expense $17,560 will be recognized in 2012.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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