|
Note 3 - Acquisition
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination Disclosure [Text Block] |
NOTE
3 – ACQUISITION
On
October 4, 2011, NTE, a wholly owned subsidiary of the
Company, entered into an agreement with Investec Asset
Finance PLC (“Investec”) a UK corporation, in
which the Company obtained a 51% controlling interest in a
newly-formed entity, Virtual Lease Services Holdings
Limited (“VLSH”), which in turn acquired a 100%
interest in Virtual Lease Services Limited
(“VLS”). The purchase price paid in this
transaction was entirely in the form of cash in the amount
of $1,008,859.
At
the time of acquisition the fair value of assets and
liabilities acquired were as follows:
The
acquisition of VLS is in alignment with the Company’s
strategic plans and contributes to the continued expansion
into technology markets through membership and practice
acquisitions.
|