Note 4 - Intangibles

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

Note 4. Intangibles

Intangibles consist of customer list and contracts of $396,824 and goodwill of $15,539 acquired in the purchase of the assets of Akimbo Financial, Inc.  The fair value of the customer list and contracts was calculated using the net present value of the projected gross profit to be generated by the customer list over the next 36 months beginning in January 2015 and will be amortized over 3 years at $132,275 annually.

Goodwill was determined based on the purchase price paid over the assets acquired and has an indefinite life which will be tested for impairment annually.