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9. INTANGIBLE ASSETS | 9 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2012 | Sep. 30, 2011
Notes to Financial Statements |  |
9. INTANGIBLE ASSETS | Intangible assets as of June 30, 2012 and September 30, 2011 consisted of the following:
| Estimated |  | June 30, |  |  | September 30, |
| Useful Lives |  | 2012 |  |  | 2011 |
Customer contracts | 5 years |  | $ | 1,433,645 |  |  | $ | 1,433,645 |
Less: accumulated amortization |  |  |  | (505,602 | ) |  |  | (290,555 | )
Intangible assets, net |  |  | $ | 928,043 |  |  | $ | 1,143,090 |
Total amortization expense was $215,047 and $153,298 for the nine months ended June 30, 2012 and 2011, respectively. The fair value of the TransTech intellectual property acquired was $983,645, estimated by using a discounted cash flow approach based on future economic benefits associated with agreements with customers, or through expected continued business activities with its customers. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results. The fair value of the RATLab intellectual property acquired was $450,000 estimated by using a discounted cash flow approach based on future economic benefits associated with agreements with customers, or through expected continued business activities with its customers. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results. | Intangible assets as of September 30, 2011 and 2010 consisted of the following:
| Estimated |  | September 30, |  |  | September 30, |
| Useful Lives |  | 2011 |  |  | 2010 |
Customer contracts | 5 years |  | $ | 1,433,645 |  |  | $ | 983,645 |
Less: accumulated amortization |  |  |  | (290,555 | ) |  |  | (65,576 | )
Intangible assets, net |  |  | $ | 1,143,090 |  |  | $ | 918,069 |
Total amortization expense was $224,979 and $65,576 for the years ended September 30, 2011 and 2010, respectively. The fair value of the TransTech intellectual property acquired was $983,645, estimated by using a discounted cash flow approach based on future economic benefits associated with agreements with customers, or through expected continued business activities with its customers. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results. The fair value of the RATLab intellectual property acquired was $450,000 estimated by using a discounted cash flow approach based on future economic benefits associated with agreements with customers, or through expected continued business activities with its customers. In summary, the estimate was based on a projected income approach and related discounted cash flows over five years, with applicable risk factors assigned to assumptions in the forecasted results.

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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 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 2: 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=7658586&loc=d3e16323-109275 Reference 3: 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=7658586&loc=d3e16373-109275 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=7658586&loc=d3e16265-109275 + Details
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