| Intangible Assets |
4.
Intangible Assets
A
summary of the Company's intangible assets as of June 30, 2012 and
December 31, 2011 is as follows:
| |
|
2012 |
|
|
2011 |
|
| Intangible assets subject to
amortization: |
|
|
|
|
|
|
|
|
|
Servicing rights (amortized over 25 years) |
|
$ |
9,550,000 |
|
|
$ |
9,550,000 |
|
| Customer lists
(amortized over 1.5 years) |
|
|
34,700 |
|
|
|
34,700 |
|
| IP
Scoring Algorithm (amortized over 5 years) |
|
|
20,000 |
|
|
|
20,000 |
|
| Gross carrying value |
|
|
9,604,700 |
|
|
|
9,604,700 |
|
| Accumulated
amortization |
|
|
(1,007,006 |
) |
|
|
(802,440 |
) |
| Net carrying
value of intangible assets subject to amortization |
|
|
8,597,694 |
|
|
|
8,802,260 |
|
| Intangible assets not subject to
amortization: |
|
|
|
|
|
|
|
|
|
Lender’s licenses |
|
|
10,000 |
|
|
|
10,000 |
|
| Net
carrying value of intangible assets |
|
$ |
8,607,694 |
|
|
$ |
8,812,260 |
|
Amortization expense was $102,283 and $102,888 for the three months
ended June 30, 2012 and 2011, respectively, and $204,566 and
$205,775 for the six months ended June 30, 2012 and 2011,
respectively.
|