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4. INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
NOTE 4. INTANGIBLE ASSETS

NOTE 4. INTANGIBLE ASSETS

 

Definite life intangible assets consist of the following:

 

    December 31,   December 31,
    2012   2011
Intellectual property and trademarks   $        111,100   $        111,100
         

Less: Accumulated Amortization and

Impairment Loss

  

 

111,100

  

 

30,551

    $              0   $           80,549

 

The Company’s definite life intangible assets were being amortized over their estimated useful lives of ten years. Amortization expense was $11,110 for the years ended December 31, 2012 and 2011, respectively. At December 31, 2012 the Company determined that the fair value of the intangible assets was impaired. Accordingly, an impairment charge of $69,439 was recorded on the Company’s definite-life intangibles, reducing the carrying value of these intangible assets to $0.