Note 9 - SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS - ACQUISITIONS

Subsequent Event

NOTE 9 – SUBSEQUENT EVENT

On April 2, 2020, the Company entered into a stock purchase agreement to sell all the issued and outstanding capital stock of the Bates Companies. The aggregate consideration to be paid to the Company shall be an amount equal to $500,000 plus cancellation of all future amounts otherwise to become payable to the purchaser by the Company under an earn-out agreement entered into between the same parties in 2018 with a non-discounted value of approximately $1.6 million at March 31, 2020. 

This transaction is subject to regulatory approval and is expected to close late in the second quarter of 2020.

Goodwill impairment related to the execution of the agreement to sell the Bates Companies was $500,000 in the first quarter of 2020.