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Intangible Assets
 6 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
 
NOTE 5 - INTANGIBLE ASSETS
 
On June 17, 2010 the Company completed an asset purchase agreement with Retailer Networks, Inc. (RNI). Pursuant to the terms of that agreement the Company purchased a number of intangible assets from RNI, including, but not limited to, customer information, trademarks, domain names, and educational resources for e-commerce. The purchase price that was paid to RNI for the assets consisted of 577,842 shares of OLB common stock and 665,842 warrants exercisable for the purchase of common stock, at the purchase price of $0.40. The fair value of the common stock was determined using the quoted market price on the date of issuance of $0.028 and the fair value of the purchase warrants were determined using the Black-Scholes option pricing model, for a total purchase price of $650,051. The warrants are valid to exercise for 24 months from the closing date. In addition, RNI agreed to purchase OLB common stock totaling $100,000 at a purchase price of $0.028.
 
The Company has elected to perform its annual analysis at the end of its reporting year. As of December 31, 2011 it was determined that there were no impairment issues with any of its intangible assets.
 
The following table summarizes the Company’s carrying amount of intangible assets as of June 30:
 
Amortizable Intangible Assets
  
2012
    
2011
  
Customer and Product Information
  
$
390,030
    
$
390,030
  
Trademarks, Domain names, & other intangibles
    
91,007
      
91,007
  
Educational Resource
    
65,005
      
65,005
  
Total Intangible Assets
    
546,042
      
546,042
  
Less accumulated amortization
    
(409,157)
      
(135,388)
  
Net Intangible Assets
  
$
136,885
    
$
410,653
  
 
The amortizable intangible assets have useful lives not exceeding two years and a weighted average useful life of two years. Amortization expense for the six month periods ended June 30, 2012 and 2011 was $136,136 and $135,388, respectively.