Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS NET

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INTANGIBLE ASSETS NET
 12 Months Ended
Sep. 30, 2011
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
NOTE 8 —
INTANGIBLE ASSETS, NET
 
The following table is a summary of intangible assets:
 
   
As of
    
As of
  
   
September 30,
    
September 30,
  
   
2011
    
2010
  
             
Goodwill
   $ 2,792     $ 2,792  
Customer relationships
   $ 3,804     $ 3,804  
Covenants not to compete
     500       500  
                 
      4,304       4,304  
                 
Less: Accumulated amortization
     (1,399 )     (1,293 )
Intangibles, net
   $ 2,905     $ 3,011  
 
The above noted intangible assets are being amortized on a straight-line basis. Customer relationships are being amortized over a 15 year useful life; contracts not to compete had been amortized over a 2 year useful life based on the estimated economic benefit. Amortization expense for the years ended September 30, 2011 and 2010 was $106 and $331.
 
The following is a summary of amortization expense for the next five fiscal years and thereafter:
 
Fiscal Year ended
  
September 30,
  
       
2012
   $ 254  
2013
     254  
2014
     254  
2015
     254  
2016
     254  
Thereafter
     1,635  
         
    $ 2,905