Acquired Intangible Assets

12 Months Ended

Mar. 31, 2013

Notes

Acquired Intangible Assets

NOTE 4 - ACQUIRED INTANGIBLE ASSETS

On July 17, 2012, the Company acquired from Birthday Slam Corporation (BSC), an Ontario, Canada incorporated Private Corporation, owned by Mr. John Robinson, a shareholder of the Company, assets comprising of a website and related applications for commercial use under development and an investment in a non-related Danish Corporation, Huubla, at a total purchase price of $385,500. The purchase price was allocated to the intangible assets acquired and liabilities assumed based on their estimated fair value on the acquisition date. The fair value assigned to identifiable intangible assets acquired has been determined primarily by using the income and cost approach. Purchased identified intangible assets which comprise a website and related applications under development “B’Wished”, are included as intangible assets and will be amortized on a straight line basis over their useful life, considered to be five years upon commencement of their commercial usage.

The purchase price includes a $325,000 note payable to BSC, bearing a 5% interest rate and assumed four BSC loans totalling $60,500 from non-related parties settled by the issuance of 400,000 restricted common shares of the Company.

The primary reason for this acquisition was to enable the Company to engage in revenue generating business activities.  There were no other acquisition-related costs.

The fair value was fully allotted to the intangible assets consisting of B’Wished web site and content. The fair value  of the investment in Huubla, on the date of the acquisition, was considered nil since the management was unable to confirm a good title of investment.

Intangible Assets

The following were the movements in the intangible assets:

Balance at April 1, 2012	--
Acquired on July 17, 2012	385,000
Development costs incurred	117,016
Balance at March 31, 2013	502,516

Development costs are comprised of fees paid to various consultants for content development, design and editorial work on the B’Wished website.

The B’Wished website is still going through various technical updates and changes to make it viable for a commercial launch. A detailed completion program has been proposed to the programmer extending over a seven week period. The key shareholders have indicated their willingness to support the financing of the proposed development work. The Company therefore believes that it will be able to launch the website commercially before the end of 2013.

The Company’s management adopts the position that, as at March 31, 2013, there were no indicators of any permanent impairment in the intangible assets.

No amortization is applied to the carrying cost of the intangible assets since they are still under development.