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Note 11 - Acquisitions | 3 Months Ended
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Mar. 31, 2014
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Note 11 - Acquisitions | NOTE 11 - ACQUISITIONS On March 28, 2014, the Company's subsidiary Legal Capital Corp, acquired certain assets of Litigation Capital Corp. Also on March 28, 2014, the Company's subsidiary Texas Gulf Exploration & Production Inc. acquired certain assets of Texas Gulf Oil and Gas Inc. The assets acquired from Texas Gulf Oil & Gas, Inc. did not include current production of oil or gas or any proven or unproven reserves or owned by Texas Oil & Gas, Inc. The acquisitions were accounted for as business purchases and recorded at the estimated fair values of the net tangible and identifiable intangible assets acquired. The excess of the purchase price over the assets acquired was recorded as goodwill. Valuations generally were determined by an independent valuation expert and the acquisition of the key operating assets were audited as significant subsidiaries. The valuation of the assets acquired from Texas Gulf Oil & Gas Inc. is based upon potential future earnings from the five year oil well servicing contract by and between our subsidiary Texas Gulf Exploration & Production Inc. and Texas Gulf Oil & Gas Inc. The potential earnings are not guaranteed and could differ significantly due to the market price of crude oil and the inability of the Company to raise the capital necessary to sustain the operations of our subsidiary. A summary of the purchase price, assets acquired and other information for each of these business purchases is as follows:
| Litigation | Texas
| Capital | Gulf Oil
| Corp. | & Gas Assets
Cash | $45,727 | $0
Intangible assets | 256,000 | 7,751,031
Equipment | 0 | 45,650
Total Assets Purchased | $301,727 | $7,796,681
Components of purchase price |  |
Series A Preferred | $0 | $7,722,650
Series B Preferred | 300,727 | 0
Assumption of liabilities | 1,000 | 74,031
Total purchase price | $301,727 | $7,796,681

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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