INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

In 2000, WFN acquired the stock of Women’s Financial Network, Inc. and HerDollar.com, Inc., companies in the development stage which had yet to commence principal operations and had no significant revenue for aggregate consideration of $2,310,000, including costs. The transactions were accounted for as purchases of assets consisting of domain name, website and content, and a non-compete agreement (the “Acquired Intangible Assets”). Related deferred tax assets attributable to net operating loss carryforwards of the acquired companies and deferred tax liabilities attributable to the excess of the statement bases of the acquired assets over their tax bases were reflected as an adjustment to the carrying amount of such intangibles (see Note G).

Intangible assets consist of the following: 

	December 31, 2015					December 31, 2014
		Gross				Gross
		Carrying		Accumulated		Carrying		Amortization
		Amount		Amortization		Amount		Accumulated
Amortizable intangible assets:
Website, content and non-compete	$	1,850,000		1,850,000	$	1,850,000		1,850,000
Retail brokerage accounts		2,638,000		2,638,000		2,638,000		2,630,000
	$	4,488,000		4,488,000	$	4,488,000		4,480,000
Amortization expense			$	8,000			$	10,000

During the fourth quarter of 2013, as a result of management’s continuing strategic review of its operations, the Company determined to substantially reduce the amount of resources allocated to the WFN domain. Accordingly, the Company wrote off the remaining carrying value of the intangible asset of $300,000. No significant residual value is estimated for the asset.