INTANGIBLE ASSETS
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2013
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS |
Intangible assets consisted of the following at December 31, 2013 and 2012:
Included in amortization expense was $1,588,905 and $1,564,969 related to the above intangible assets for the years ended December 31, 2013 and 2012, respectively.
Included in intangible assets at December 31, 2012 are territory rights of $150,000, which are the result of a 2008 purchase from an outside sales representative to sell and distribute in the State of California. The purchase price was fully allocated to territory intangible assets and assigned an indefinite life. As of September 2013, we discontinued our business relationship with tribal casinos in California as a result of a notice received from the California Bureau of Gambling Control. See Note 11 for details regarding the California administrative action. Due to the exit from California, we recorded a $150,000 impairment charge to reduce the carrying value of the intangible asset to its estimated fair value during 2013. |