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10. INTANGIBLE ASSETS | 12 Months Ended
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Sep. 30, 2013
Notes to Financial Statements |
10. INTANGIBLE ASSETS | Intangible assets as of September 30, and 2013 and 2012 consisted of the following:
| Estimated |  | September 30, |  |  | September 30, |
| Useful Lives |  | 2013 |  |  | 2012 |
Customer contracts | 5 years |  | $ | 983,645 |  |  | $ | 983,645 |
Technology | 5 years |  |  | 712,500 |  |  | $ | 712,500 |
Less: accumulated amortization |  |  |  | (925,263 | ) |  |  | (586,034 | )
Intangible assets, net |  |  | $ | 770,882 |  |  | $ | 1,110,111 |
Total amortization expense was $339,229 and $295,479 for the year ended September 30, 2013 and 2012, 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 associated with the assets acquired was $450,000 estimated by using a discounted cash flow approach based on future economic benefits. 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 Javelin intellectual property acquired was $262,500 estimated by using a discounted cash flow approach based on future economic benefits associated with the assests acquired. 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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