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EXCEL - IDEA: XBRL DOCUMENT - Verity Corp.Financial_Report.xls
10-K - Verity Corp.aqualiv10k.htm
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v2.4.0.6
NOTE 5 - DEFINITE-LIFE INTANGIBLE ASSETS
12 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
NOTE 5 - DEFINITE-LIFE INTANGIBLE ASSETS

 

NOTE 5 - DEFINITE-LIFE INTANGIBLE ASSETS

 

AquaLiv, Inc. Acquisition

 

    September 30, 2011
     
Acquisition value    
     
Preferred shares (per contract)   $ 400,000  
Total Acquisition value   $ 400,000  
         
Valuation classification        
Physical assets   $ 5,516  
Cash     79,000  
         
Goodwill     315,484  
Impairment of Goodwill     (315,484  
Goodwill, net     —    
         
Net value   $ 84,516  

  

We have concluded, pursuant to the guidance in FASB ASC 810-10-25-38 (previously FIN 4R) that AquaLiv is a Variable Interest Entity, that we are the primary beneficiary with a controlling financial interest in AquaLiv, and we are required to consolidate its financials accordingly. Additionally, the acquisition was recorded at its fair market value in that the cash, computer equipment, and inventory were recorded at their fair market value on the date of the acquisition. Impairment of goodwill from the date of acquisition was written off to its net realizable value in the accompanying statements of operations.