Intangible Assets

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Intangible Assets

5.   Intangible Assets

The following table is a summary of intangible assets as of December 31, 2011:

Customer relationships	$	693,335
Less: accumulated amortization		(90,794	)
Intangible assets, net	$	602,541

The Company’s amortizable intangible assets consist of customer relationships which resulted from the acquisition of Hocks.com on February 14, 2011(see Note 15) and are being amortized on a straight-line basis over their estimated useful life of five years. Amortization expense for the year ended December 31, 2011 was $90,794.

The following is a summary of amortization expense for the next five years and thereafter:

Year ending December 31,
2012	$	99,048
2013		99,048
2014		99,048
2015		99,048
2016		99,048
Thereafter		107,301
	$	602,541