INTANGIBLE ASSETS AND OTHER ASSETS, NET

6 Months Ended

Dec. 31, 2011

Finite-Lived Intangible Assets [Abstract]

INTANGIBLE ASSETS AND OTHER ASSETS, NET

NOTE 7 – INTANGIBLE ASSETS AND OTHER ASSETS, NET

Intangible assets consisted of the following:

	Average				12/31/2011
	Useful Life				Accumulated
	(Years)		Gross		Amortization			Net Book Value
Amortizable intangible assets:
Customer relationships	10	$	2,200,000	$	(311,678	)	$	1,888,322
Non-compete agreement	3		1,600,000		(748,000	)		852,000
Trade name	10		700,000		(99,161	)		600,839
		$	4,500,000	$	(1,158,839	)	$	3,341,161

On February 6, 2012, the Company entered into an Asset Purchase Agreement (the “Arvani Asset Purchase Agreement”) with Arvani Display AS (“Arvani”) to purchase the Arvani customer lists and its trade name and related trademarks. The total purchase price was $910,378. Please see note 12 for details. 

Amortization expense for the six month period ending December 31, 2011, and December 31, 2010 totaled $409,002 and $340,835, respectively. The Company estimates that the total amortization expense for the next five years will be as follows:

2012	$	414,331
2013		823,333
2014		339,333
2015		290,000
2016		290,000
Thereafter		1,184,164
Total	$	3,341,161