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EXCEL - IDEA: XBRL DOCUMENT - VERAMARK TECHNOLOGIES INCFinancial_Report.xls
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v2.4.0.6
Intangible Assets and Goodwill
9 Months Ended
Sep. 30, 2012
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL
(7) INTANGIBLE ASSETS AND GOODWILL

Under the purchase method of accounting, we allocated the fair value of the total consideration expected to be transferred, to the tangible and identifiable intangible assets acquired from Source Loop in June 2010, based on their estimated fair values on the date of acquisition. The fair values assigned to the identifiable intangible assets were based on estimates and assumptions determined by management. The following table summarizes the fair values assigned to the identifiable intangible assets by asset class at the time of acquisition, and the subsequent amortization through September 30, 2012 of those intangible assets.

Amortization of Intangible Assets Acquired in Source Loop Acquisition

(In 000s except weighted avg life in years)

 

                                         
    Weighted     FMV at     Current     Accumulated     Net Value by  
    Avg Life     Acquisition     Year     Amortization     Asset Class  

Intangible Asset Class

  Years     Date     Amortization     at 9/30/12     at 9/30/12  

Customer Contracts

    3     $ 526     $ 81     $ 271     $ 255  

Customer Relationships

    3       260       31       154       106  

Key Employee Agreements

    1       177       33       129       48  

Other

    1       30       3       24       6  
           

 

 

   

 

 

   

 

 

   

 

 

 

Sub-Total Intangibles Subject to Amoritization

    3       993     $ 148     $ 578     $ 415  
                   

 

 

   

 

 

   

 

 

 

Goodwill

            336                          
           

 

 

                         

Total Intangible Assets Acquired

          $ 1,329                          
           

 

 

                         
           

Expected Future Amoritzation

                                       
           

Intangible Asset Class

  Q4 2012     2013     2014     2015     2016  

Customer Contracts

  $ 22     $ 62     $ 55     $ 47     $ 41  

Customer Relationships

    11       31       25       19       15  

Key Employee Agreements

    9       39       0       0       0  

Other

    2       3       1       0       0  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sub-Total Intangibles Subject to Amoritization

  $ 44     $ 135     $ 81     $ 66     $ 56  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Goodwill represents the excess of the purchase price paid over the fair value of assets acquired. Goodwill is not amortized and is subject to an impairment test conducted in December of each year, or more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists. Through September 30, 2012, there has been no impairment of goodwill associated with the Source Loop acquisition.