Quarterly report pursuant to Section 13 or 15(d)

Contract Rights

v2.4.0.6
Contract Rights
 3 Months Ended
Mar. 31, 2012
Contract Rights and Goodwill and Other Intangibles [Abstract]  
CONTRACT RIGHTS
4. CONTRACT RIGHTS

Contract rights were comprised of the following as of March 31, 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 commenced on these additional contract rights at the opening date of the FireKeepers Casino over the management contract period (seven years). 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.