Intangible Assets

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

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

	December 31, 2011
Customer relationships	$	693,335
Less: accumulated amortization		(90,794	)
Intangible assets, net	$	602,541,

The Company’s amortizable intangible assets consisted of customer relationships which resulted from the acquisition of Hocks.com on February 14, 2011 (see Note 15).  Customer relationships were previously amortized on a straight-line basis over an estimated useful life of five years. During the year ended December 31, 2012, the Company performed a review of its intangible assets for impairment because the operations within the Company’s Hocks division experienced a significant and sustained decline during the year ended December 31, 2012, indicating that the carrying amount of the customer relationships may not be recoverable. The review, which included estimating the future undiscounted cash flows of the customer relationships over the remaining useful life, indicated that the carrying value of the Company’s intangible assets exceeded the estimated undiscounted future cash flows and should be written off.  The Company recorded the corresponding impairment of $396,298.  Amortization expense for the years ended December 31, 2012 and 2011 was $206,243 and $90,974, respectively.