v3.7.0.1
Gain on Intangible Asset
12 Months Ended
Dec. 31, 2016
Intangible Assets/Gain on Intangible Asset [Abstract]  
GAIN ON INTANGIBLE ASSET

NOTE 11 – GAIN ON INTANGIBLE ASSET

 

During the year ended December 31, 2015, the Company sold the domain website name, www.formtool.com, and the FormTool registered trademark to a private company for $15,000 which was to be paid out in installments over twelve months. The Company continues to operate its FormTool website under the domain name of www.formtoolsoftware.com. In connection with the sale of the domain website name and the registered trademark, The Company and a previous note holder, whom acted as an Agent on behalf of the Company for this transaction, agreed to cancel a note payable, plus interest, totaling $24,380. In exchange, the note holder received installment payments totaling $15,000 originally owed to the Company for the sale of the domain website name, www.formtool.com, and the FormTool registered trademark. At December 31, 2015, the Company did not have a value assigned to the intangible assets consisting of the domain website name, www.formtool.com, and the FormTool registered trademark. As a result, the Company recognized a gain on intangible asset of $24,380 on our Consolidated Statement of Operations for the year ended December 31, 2015. See Note 1.