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Note 3 - Acquisition
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Dec. 31, 2012
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| 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.
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