SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING ACTIVITIES
|9 Months Ended|
Sep. 30, 2012
|Cash Flow, Supplemental Disclosures [Text Block]||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
For the nine months ended September 30, 2012:
a) The Company converted $43,946 of the Convertible Promissory Note (as defined herein) at a fixed conversion rate of 1,975 shares per $1 for 86,793,693 shares of the Company’s Class A common stock, par value $0.0001 (the “Common Stock”).
b) The Company converted 2 shares of Series A Convertible preferred stock for 2,385,650 shares of Common Stock.
c) The Company bought back their 20% interest in SWK Technologies, Inc. for 22,664,678 shares of Common Stock.
d) The Company incurred approximately $43,556 in capital lease obligations.
e) The Company issued 150,000 shares of common stock with a fair market value of $30,000 to Spencer Clark in exchange for services.
f) The Company issued warrants for services which resulted in a Black Scholes value of $57,459.
For the nine months ended September 30, 2011:
a) SilverSun Technologies, Inc. (“the Company”) recorded a derivative liability of $105,000 related to a conversion features embedded in a $51,000 convertible note issued during the period to an executive officer of the Company. The derivative liability was recorded as debt discount and the excess as an expense on the statement of operations as other income expense.
b) The Company issued warrants to a financial services company in exchange for financial services to be provided over one year with a fair value of $107,398. The Company recorded a prepaid expense and will amortize over the period of service.
c) On June 29, 2011, Mr. Mark Meller, the Company's Chief Executive Officer, forgave outstanding liabilities representing unpaid salary, unpaid expense and auto allowances, and the one-time payment in connection with a previous transaction in the amount of $1,338,967. Such amount is recorded as Additional Paid-In Capital in the accompanying balance sheet.
The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef