Intangible Assets Disclosure
|9 Months Ended|
Sep. 30, 2018
|Intangible Assets Disclosure||
NOTE 8 - INTANGIBLE ASSETS, NET
On April 18, 2017, we entered into an agreement to acquire specific digital marketing software assets from CoverCake, Inc., specifically, CoverCake's intelligent algorithms for data mining and consumer engagement. The transaction closed on May 30, 2017. The purchase price was 300,000 shares of Spindle unregistered common stock valued at $43,500 along with launch and revenue-based payments as certain performance targets were met, and the software was to be amortized over three years. During the three and nine months ended September 30, 2017, the Company recorded amortization expense of $9,793 and $23,340, respectively.
In the Fourth Quarter of 2017, after review of the marketplace and competitor products, and the cost of necessary software development, management did not deem the CoverCake transaction to be economically viable and the CoverCake software and related amortization was fully impaired.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://www.xbrl.org/2003/role/presentationRef