| INTANGIBLE ASSETS [Text Block] |
NOTE 6 – INTANGIBLE ASSETS
In February 2012, water rights on
2,917
acres of leased property in the Granite Creek area located in the State of Nevada were relinquished and removed from intangible assets at their carrying amounts that totaled $548,701. The relinquishment was considered to be a loss that was recognized in the fiscal year ended March 31, 2012.
Intangible assets, at cost, are summarized by project location as follows:
| |
|
June 30, |
|
|
March 31, |
|
| |
|
2012 |
|
|
2012 |
|
| In operation: |
|
|
|
|
|
|
| San Emidio, Nevada: |
|
|
|
|
|
|
| Geothermal water and mineral rights* |
$ |
4,825,220
|
|
$ |
4,825,220
|
|
| Less: accumulated amortization* |
|
(670,169
|
) |
|
(629,959
|
) |
| |
|
4,155,051
|
|
|
4,195,261
|
|
| |
|
|
|
|
|
|
| Inactive: |
|
|
|
|
|
|
| Raft River, Idaho: |
|
|
|
|
|
|
| Surface water rights |
|
849,862
|
|
|
849,862
|
|
| Geothermal water and mineral rights |
|
2,203,330
|
|
|
2,203,330
|
|
| |
|
|
|
|
|
|
| Granite Creek, Nevada |
|
|
|
|
|
|
| Surface water rights |
|
451,299
|
|
|
451,299
|
|
| |
|
|
|
|
|
|
| Neal Hot Springs, Oregon: |
|
|
|
|
|
|
| Geothermal water and mineral rights |
|
225,337
|
|
|
225,337
|
|
| |
|
|
|
|
|
|
| Guatemala City, Guatemala: |
|
|
|
|
|
|
| Geothermal water and mineral rights |
|
625,000
|
|
|
625,000
|
|
| |
|
|
|
|
|
|
| Gerlach, Nevada: |
|
|
|
|
|
|
| Geothermal water and mineral rights |
|
997,000
|
|
|
997,000
|
|
| |
|
|
|
|
|
|
| San Emidio, Nevada: |
|
|
|
|
|
|
| Surface water rights |
|
3,620,000
|
|
|
3,620,000
|
|
| Geothermal water and mineral rights* |
|
3,440,580
|
|
|
3,440,580
|
|
| Less: accumulated amortization* |
|
(430,073
|
) |
|
(430,073
|
) |
| |
|
11,982,335
|
|
|
11,982,335
|
|
| |
|
|
|
|
|
|
| |
$ |
16,137,386
|
|
$ |
16,177,596
|
|
| |
* |
In January 2012, geothermal water rights located on
2,398
acres in San Emidio in the State of Nevada were segregated from the San Emidio plant operations to be utilized for a future project. The net value of the transferred rights was $3,010,507
($3,440,580
cost, less $430,073
amortization). Amortization of these costs is no longer being charged to operations.
|
Estimated aggregate amortization expense for the next five fiscal years is as follows:
| |
|
Projected |
|
| |
|
Amounts |
|
| Years ending June 30, |
|
|
|
| 2013 |
$ |
160,841
|
|
| 2014 |
|
160,841
|
|
| 2015 |
|
160,841
|
|
| 2016 |
|
160,841
|
|
| 2017 |
|
160,841
|
|
| |
|
|
|
| |
$ |
804,205
|
|
Amortization expense charged to operations for the three months ended June 30, 2012 and 2011 amounted to $40,210
and $68,881, respectively.
|