Quarterly report pursuant to Section 13 or 15(d)

NOTE 11 - SUBSEQUENT EVENTS

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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.