Note 5 - Discontinued Operations

12 Months Ended

Dec. 31, 2017

Disclosure Text Block [Abstract]

NOTE 5 - DISCONTINUED OPERATIONS

NOTE 5 – DISCONTINUED OPERATIONS

Effective August 31, 2017, the Company entered into an Agreement on Transfer of Shares (“Transfer Agreement”) with NABUfit Finance ApS, a Danish company (“Buyer”) wherein the Company agreed to sell to Buyer and Buyer agreed to purchase from the Company all of the issued and outstanding shares owned by the Company in its three wholly owned subsidiaries, NABUFIT Denmark, NABUFIT IP and NABUFIT China (the “Subsidiaries”). The purchase price paid by Buyer for the Subsidiaries was DKK 250,000 (USD $40,000), plus possible additional consideration of up to DKK 350,000 ($56,000) in payments related to tax refunds due to the Subsidiaries in the fourth quarter of 2017.  Actual tax refund ended up being approximately $40,000.  

The operating results of NABUFIT Denmark have been classified as discontinued operations for all periods presented.  NABUFIT China and NABUFIT IP were newly formed entities with no operations to report.  The following are the key components of the sale and discontinued operations:

Sales price	$	40,000
Tax refund		40,251
Carrying value of disposed business, net write off of
intercompany receivable		(44,629	)
Expenses related to the sale		(1,135	)
Loss on sale before write-off of foreign currency
translation adjustments		34,487
Write-off of foreign currency translation adjustments
recorded in other comprehensive income		(40,370	)
Loss on sale of subsidiary		(5,883	)
Discontinued operations year-to-date		(1,938,134	)
Loss on sale of discontinued operations	$	(1,944,017	)

The account classifications that make up the discontinued operations as of December 31, 2016, on the balance sheet, are shown below:

	12/31/2016
Assets
Cash	$	1,392,919
Prepaids		2,684,832
VAT receivable		35,283
Deposits		14,528
Current assets of discontinued operations		4,127,562
Liabilities
Accounts payable		(227,091	)
Accrued liabilities		(2,241,419	)
Related party payables		(25,450	)
Current liabilities of discontinued operations	$	(2,493,960	)