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Note 7 - Goodwill - Impairment Testing | 12 Months Ended
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Dec. 31, 2012
Goodwill, Impaired [Abstract] |
Goodwill - Impairment Testing | Note 7– Goodwill – Impairment Testing In accordance with ASU 2011-08, management of the Company undertook a qualitative assessment to determine whether it was more likely than not that the fair value of the assets acquired in the acquisition of Cornerstone Conservation Group were less than the carrying amount assigned to the assets in the acquisition accounting. This assessment resulted in the conclusion that it was more likely than not that the fair value of assets was less than the current carrying amount upon which management proceeded to perform the two-step goodwill impairment test described in ASC 350. In the acquisition of Cornerstone, significant value was placed upon the substantial experience, proprietary industry knowledge and business acumen of the managing member, and the value that he would bring to the management team of PowerVerde, Inc. This value was recorded as goodwill in the acquisition accounting. The managing member resigned as an officer and director of PowerVerde in the first quarter of 2013. Based on this event, the departure of a key asset of the Cornerstone Acquisition, the Company determined that the implied fair value of the goodwill recorded in the acquisition accounting no longer existed and an impairment charge of $2,637,760 was recognized in December 2012. This charge is reported on the consolidated 2012 statement of operations as an operating expense, Goodwill impairment. As of December 31, 2012, the carrying value of the goodwill was zero.

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