8. Goodwill and Intangible assets

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 - Goodwill and Intangible assets

Goodwill and intangible assets were as follows:

	December 31,
	2012		2011
Beverly Hills Concours d'Elegance	$	–	$	2,500
Santa Barbara Concours d'Elegance		–		53,000
Core Tour		–		100,000
Freedom Bowl		–		190,000
Maui Music Festival		–		5,000
Total intangible assets		–		350,500
Goodwill for Stratus Rewards		–		1,073,345
Goodwill for ProElite		1,935,621		1,935,621
Total goodwill and intangible assets	$	1,935,621	$	3,359,466

In accordance with ASC Topic 350, “Intangibles-Goodwill and Other,” the Company’s goodwill and intangible assets 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.  As a result of these impairment tests, the Company recorded impairment charges of $1,423,844 in 2012 and $1,859,778 in 2011.

The following is a summary of goodwill, intangible assets and impairment charges:

	December 31,		Impairment Charges		December 31,		Impairment Charges		Amortization of Intangibles		December 31,
	2012		in 2012		2011		in 2011		in 2011		2010
Intangible assets:
Beverly Hills Concours d'Elegance	$	–	$	2,500	$	2,500	$	167,458	$	–	$	169,958
Santa Barbara Concours d'Elegance		–		53,000		53,000		190,000		–		243,000
Core Tour		–		100,000		100,000		967,069		–		1,067,069
Freedom Bowl		–		190,000		190,000		154,232		–		344,232
Stratus Rewards		–		–		–		86,019		45,410		131,430
Maui Music Festival		–		5,000		5,000		295,000		–		300,000
Total intangible assets		–		350,500		350,500		1,859,778		45,410		2,255,689
Goodwill:
Stratus Rewards		–		1,073,345		1,073,345		–		–		1,073,345
ProElite		1,935,621		–		1,935,621		n/a		–		n/a
Total goodwill and intangible assets	$	1,935,621	$	1,423,845	$	3,359,466	$	1,859,778	$	45,410	$	3,329,034