Quarterly report pursuant to Section 13 or 15(d)

CONTRACT RIGHTS

v2.4.0.6
CONTRACT RIGHTS
 6 Months Ended
Jun. 30, 2012
Contract Rights and Goodwill and Other Intangibles [Abstract]  
CONTRACT RIGHTS
4.
CONTRACT RIGHTS
 
Contract rights were comprised of the following as of June 30, 2012 and December 31, 2011:
 
 
2012 
  
 
Cost
    
Accumulated
Amortization
    
 
Disposal
    
 
Net
  
FireKeepers project, initial cost
   $ 4,155,213     $ (1,582,938 )   $ (2,572,275 )   $ --  
FireKeepers project, additional
     13,210,373       (5,503,093 )     (7,707,280 )     --  
    $ 17,365,586     $ (7,086,031 )   $ (10,279,555 )   $ --  
 
 
2011 
  
 
Cost
    
Accumulated
amortization
    
 
Disposal
    
 
Net
  
FireKeepers project, initial cost
   $ 4,155,213     $ (1,434,539 )   $ --     $ 2,720,674  
FireKeepers project, additional
     13,210,373       (5,058,442 )     --       8,151,931  
    $ 17,365,586     $ (6,492,981 )   $ --     $ 10,872,605  
 
Amortization over the management contract period (seven years) commenced on these additional contract rights at the opening date of the FireKeepers Casino. Of the remaining contract rights, $7.5 million were sold with our interest in GEM, to the FireKeepers Development Authority (“FDA”) on March 30, 2012, and the remaining $2.8 million were expensed.