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Intangible assets | 12 Months Ended
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Dec. 31, 2011
Intangible assets | 10. Intangible assets In 2003, as part of the acquisition of a group of companies, the Company acquired 100% of the outstanding voting common shares of DesalCo, which had an agreement to provide management and engineering services to OC-BVI. The Company attributed $856,356 of the purchase price of the acquisition to the value of this management services agreement, which has no expiration term. Initially the Company determined that this intangible asset had an indefinite life and therefore it was not amortized. However in 2010, as a result of the loss by OC-BVI of its Baughers Bay contract (see Note 8) the Company assigned a useful life of seven years to this asset and began its amortization. The carrying amount of the Belize Water Production and Supply Agreement is being amortized over the 23 year term of the agreementand has a weighted average remaining useful life of 15.4 years.
|  | December 31, |
|  | 2011 |  |  | 2010 |
Cost |  |  |  |  |  |  |  |
Intangible asset management service agreement |  | $ | 856,356 |  |  | $ | 856,356 |
Belize water production and supply agreement |  |  | 1,522,419 |  |  |  | 1,522,419 |
|  |  | 2,378,775 |  |  |  | 2,378,775 |
Accumulated amortization |  |  |  |  |  |  |  |
Intangible asset management service agreement |  |  | (285,452 | ) |  |  | (142,726 | )
Belize water production and supply agreement |  |  | (591,499 | ) |  |  | (525,312 | )
|  |  | (876,951 | ) |  |  | (668,038 | )
Intangible assets, net |  | $ | 1,501,824 |  |  | $ | 1,710,737 |
Amortization for each of the next five years and thereafter is expected to be as follows:
2012 |  | $ | 208,918 |
2013 |  |  | 208,918 |
2014 |  |  | 208,918 |
2015 |  |  | 208,918 |
2016 |  |  | 66,192 |
Thereafter |  |  | 599,960 |
|  | $ | 1,501,824

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 44, 45, 46 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275 + Details
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