8. Goodwill and intangible assets
 12 Months Ended
Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Text Block]
8.  Goodwill and intangible assets

Goodwill and intangible assets were as follows:

   
December 31,
 
   
2011
   
2010
 
             
Licensing rights for events
  $ 350,500     $ 2,124,258  
Goodwill for ProElite
    1,935,621       -  
Goodwill for Stratus Rewards
    1,073,345       1,073,345  
Identified intangible assets for Stratus Rewards
    -       131,430  
  Total intangible assets and goodwill
  $ 3,359,466     $ 3,329,033  

Intangible assets of the Company were as follows:

   
December 31,
 
   
2011
   
2010
 
Intangible Assets
           
Events
           
Beverly Hills Concours
  $ 2,500     $ 169,957  
Santa Barbara Concours d'Elegance
    53,000       243,000  
Cour Tour/Action Sports Tour
    100,000       1,067,069  
Freedom Bowl
    190,000       344,232  
Maui Music Festival
    5,000       300,000  
Total - Events
    350,500       2,124,258  
                 
Stratus Rewards
               
Purchased Licensed Technology, net of accumulated amortization of $187,471
    -       58,630  
Membership List, net of accumulated amortization of $58,500
    -       49,500  
Corporate Partner List
    -       23,300  
Corporate Membership
    -       -  
Total - Stratus Rewards
    -       131,430  
Total Intangible Assets
  $ 350,500     $ 2,255,688  

In accordance with ASC 350, the Company’s goodwill and intangible assets, other than the purchased licensed technology and the membership list for Stratus, are considered to have indefinite lives and are therefore not amortized, but rather are subject to annual impairment tests. The Company’s annual impairment testing date is December 31, but the Company monitors the facts and circumstances for all intangible properties and will record an impairment if warranted by adverse changes in facts and circumstances.  

The purchased licensed technology and membership list were being amortized over their estimated useful life of 10 years.  For 2011 and 2010, amortization expense was $45,410 and $34,611, respectively.