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Intangible Assets
12 Months Ended
Dec. 31, 2015
Intangible Assets  
Note 3 - Intangible Assets

On July 23, 2014, the Company entered into an Asset purchase agreement with Lively, LLC whereby the Company acquired certain assets of Lively, LLC for consideration of (i) cash payment of $150,000 and (ii) issuance of 6,709,775 Preferred shares with a fair market value of $204,000 at the time of the issuance. The shares were valued at $0.0304 per share, which was the most recent sales price per common share from the subsequent sale of Vnue Washington's common stock as a Vnue Washington preferred share is convertible to a common share on a 1 to 1 basis. Assets purchased included: a) software, inventions, customers, customer lists, development, documents and records, designs, claims, intellectual property rights, distribution rights and merchandising rights; b) all copyright, patents, trademarks, trade names, logos or service marks and other intangible property and rights. The Company recorded the intangible assets of $354,000 including (i) $150,000 in cash and (ii) $204,000 in Vnue Washington's preferred shares.

 

During the years ended December 31, 2015 and 2014, the Company recorded amortization of $70,800 and $17,700, respectively. As of December 31, 2015, the Company performed an impairment test and determined that the recorded costs were no longer recoverable, and an impairment loss of $265,500 was recorded.