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Note 9 - PENDING SALE
6 Months Ended
Jun. 30, 2020
PENDING SALE  
PENDING SALE

NOTE 9 – PENDING SALE

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 June 30, 2020.  

This transaction received regulatory approval and the closing date is scheduled for August 10, 2020.

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