XML 46 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.8

D - INTANGIBLE ASSETS | 12 Months Ended
--- | ---
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract] |
D - INTANGIBLE ASSETS | In 2000, WFN acquired the stock of WFN Women’s Financial Network, Inc. (“WFN”) and HerDollar.com, Inc., companies in the development stage which had yet to commence principal operations and had no significant revenue for aggregate consideration of $2,310,000, including costs. The transactions were accounted for as purchases of assets consisting of domain name, website and content, and a non-compete agreement (the “Acquired Intangible Assets”). Related deferred tax assets attributable to net operating loss carryforwards of the acquired companies and deferred tax liabilities attributable to the excess of the statement bases of the acquired assets over their tax bases were reflected as an adjustment to the carrying amount of such intangibles (see Note E). Intangible assets consist of the following:
|  | December 31, 2013 |  | December 31, 2012 |
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Amortization Accumulated |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Website, content and non-compete |  | $ | 1,850,000 |  | $ | 1,850,000 |  | $ | 1,850,000 |  | $ | 1,850,000 |
Retail brokerage accounts |  |  | 2,638,000 |  |  | 2,620,000 |  |  | 2,638,000 |  |  | 2,610,000 |
|  | $ | 4,488,000 |  | $ | 4,470,000 |  | $ | 4,488,000 |  | $ | 4,460,000 |
Unamortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Domain name/intellectual property |  | $ | 0 |  |  |  |  | $ | 300,000 |  |  |  |
Amortization expense |  |  |  |  | $ | 10,000 |  |  |  |  | $ | 10,000 |
During 2012, the Company recorded impairment charges and wrote down the carrying value of its unamortized intangible assets by $300,000, representing the excess of carrying value over its fair value due to a continuing decline in the Company’s revenue attributable to such intangibles. As of December 31, 2012, the Company valued the domain name using the income approach methodology known as the relief from royalty method determined based on significant Level 3 inputs including a discount rate of 27%, long-term growth rate of 2% and royalty rate of 4%. The premise behind the valuation of these assets is that a buyer would be willing to pay a royalty for the right to use an established or recognized trade name in order to gain market acceptance, which a product or service otherwise might not enjoy. During the fourth quarter of 2013, as a result of management’s continuing strategic review of its operations, the Company determined to substantially reduce the amount of resources allocated to the WFN operation. Accordingly, the Company wrote off the $300,000 remaining carrying value of the WFN domain name. No significant residual value is estimated for the asset.

X
- Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: 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=26713463&loc=d3e16373-109275 Reference 3: 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=26713463&loc=d3e16265-109275 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration