NOTE 11 - SUBSEQUENT EVENTS
|9 Months Ended|
Sep. 30, 2015
|Subsequent Events [Abstract]|
|Subsequent Events [Text Block]||
NOTE 11 – SUBSEQUENT EVENTS
On October 1, 2015 SWK entered into an Asset Purchase Agreement with The Macabe Associates, Inc. (Macabe) a Washington corporation, and Mary Abdian and John Nicholson in their individual capacity as Shareholders. In consideration for the acquired assets, the Company paid $50,000 in cash and has entered into a four-year revenue sharing agreement. Additionally in connection with the purchase agreement, SilverSun Technologies, Inc. (“SSNT”) issued to the shareholders of Macabe 25,000 incentive stock options with an exercise price of $3.66. Options will vest over five years at the rate of 20% per annum. The Company estimated the fair value of each option using the Black Scholes option-pricing model with the following weighted-average assumptions: expected dividend yield of 0.0%, risk-free interest rate of 1.37%, volatility at 332.76% and an expected life of 5 years. As a result, the Company estimated the value of these options at $91,482.
On October 7, 2015 SWK sold its interest in the product “Beerrun” to PAID RUN, LLC (“PAID RUN”), a Massachusetts corporation. In consideration of the sold assets, PAID RUN paid SWK $134,000 in cash.
On October 19, 2015 SWK entered into an Asset Purchase Agreement with Oates & Company, LLC (Oates) a North Carolina corporation, and Christopher Scott Oates in his individual capacity as a Shareholder. In consideration for the acquired assets, the Company paid $125,000 in cash and issued a promissory note for $175,000 (the “Note”). The note is due in three years from the closing date and bears interest at a rate of two (2%) percent. The monthly payments including interest are $5,012. Additionally in connection with the purchase agreement, the Company issued a Convertible Note for $200,000. The Convertible Note is due January 1, 2017 and bears interest at a rate of one (1%) percent. The quarterly interest payments are computed on the basis of 365-day year from the date of this note until paid.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.