Quarterly report pursuant to sections 13 or 15(d)

NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

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NOTE 1 - DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2013
Disclosure Text Block [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business

SilverSun Technologies, Inc. (the “Company”, “we”, “us”, “our”) is involved in the acquisition and build-out of technology and software companies engaged in providing transformational business management applications and professional consulting services to small and medium companies, primarily in manufacturing, distribution and service industries.  We are executing a growth strategy centered on the development of our own proprietary business management solutions, including our MAPADOC® Electronic Data Interchange (EDI) solution and 36 other proprietary solutions and enhancements; as well as on the acquisition of application resellers and software publishers of unique and proprietary solutions in the extensive and expanding, but highly fragmented, business solutions marketplace.

In June 2012 the Company completed the purchase of selected assets and obligations of HighTower, Inc., a leading Chicago-based publisher of proprietary business management solutions and a reseller of Sage software applications.

In June 2013, we signed a Letter of Intent to acquire VICOR Business Services, Inc., a Bethesda, Maryland-based provider of financial and business management consulting services with specific expertise in compliance-oriented federal contracting with U.S. government agencies. Their expertise in project management and time-based systems supporting FAR and CAS compliance for commercial firms and OMB Circular compliance for grants management will add a significant expertise to SWK’s capabilities. VICOR’s staff has assisted clients in passing Federal Contracting audits with the Defense Contract Audit Agency ("DCAA") and other audit agencies, helping them to obtain approval to perform on Federal Contracts. Founded in 1989, VICOR offers a full line of Safe, Infor, Dynacom and its own proprietary business management solutions to small and mid-sized businesses; and it also provides a broad range of technical services, training and support to its customers, which are largely concentrated in the greater Washington D.C. market. A definitive agreement will be signed and the transaction completed after completion of due diligence. Although the letter of intent expired on July 31, 2013, the parties are continuing to negotiate in good faith. In addition, the Company does not expect there to be a significant impact on cash from operations or financing should a definitive agreement be entered into.

The Company is publicly traded and is currently quoted on the Over-the-Counter Bulletin Board (“OTCBB”) under the symbol “SSNT.”

Basis of Presentation

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly the financial position of SilverSun Technologies, Inc. as of June 30, 2013, the results of operations and cash flows for the three and six months ended June 30, 2013 and 2012.  These results are not necessarily indicative of the results to be expected for the full year.

The financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC) and consequently have been condensed and do not include all of the disclosures normally made in an Annual Report on Form 10-K.  The December 31, 2012 balance sheet included herein was derived from the audited financial statements included in the Company’s annual report on Form 10-K as of that date. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

Summary of Significant Accounting Policies

During 2013, there have been no material changes to the Company’s significant accounting policies than those previously disclosed in the Company’s Form 10-K for the year ended December 31, 2012.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.  The reclassifications have had no effect on the financial position, operations or cash flows for the period ended June 30, 2012.