PURCHASED INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

PURCHASED INTANGIBLE ASSETS, NET

NOTE 3 – PURCHASED INTANGIBLE ASSETS, NET

	As of March 31, 2015
	Gross Carrying Amount		Impairment		Net Carrying Amount
	$		$		$
Unamortized intangible assets
License and distribution rights for Blue Harbour Whiskey brand		75,000		(75,000)		-
Total purchased intangible assets		75,000		(75,000)		-

On June 30th, 2014 the Company, by directors resolution ratified the pre-incorporation contract signed with New World Distillery, for a license and distribution agreement for the Blue Harbour Whiskey brand. New World Distillery is an Australian whiskey distillery located in Melbourne Australia. The agreement gives the Company an exclusive rights to sell the Blue Harbour Whiskey brand in the Middle East and Europe. The license was purchased for US$75,000, including a royalty of 2% of the net profits of the licensee, which is deductible from the purchase price outstanding. The purchase price is payable on or before July 1st, 2015.

The Company purchased the whiskey distribution rights from an Australian Whiskey Distillery, however to date sales consists only of the sale of samples. Due to the decline in forecasted revenue related to the acquired intangible asset, we recorded a $75,000 impairment charge for the 2014 fiscal year.