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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2013
Business Combinations [Abstract] |
Schedule of Preliminary Allocation of the Purchase Price | The below table shows the preliminary allocation of the purchase price as of September 30, 2013 and subsequent adjustments to the preliminary allocation as of December 31, 2013.
Net Assets Acquired | Fair Value as of September 30, 2013 | Fair Value Adjustments | Other Adj | Fair Value as of December 31, 2013
Prepaid Service Agreement Costs (1) | $ | 3,383,000 |  | $ | — |  | $ | (3,383,000 | ) | $ | — |
Personal Property | 4,430,986 |  | 3,683,614 |  | — |  | 8,114,600 |
Real Property | 1,060,000 |  | — |  | — |  | 1,060,000 |
HomeLink® Trade Names and Trademarks | 47,000,000 |  | 5,000,000 |  | — |  | 52,000,000 |
HomeLink®Technology | 166,000,000 |  | 14,000,000 |  | — |  | 180,000,000 |
Existing Customer Platforms | 43,000,000 |  | — |  | — |  | 43,000,000 |
Exclusive Licensing Agreement | 87,000,000 |  | 9,000,000 |  | — |  | 96,000,000 |
Accounts Receivable | 7,719,302 |  | — |  | 3,400,145 |  | 11,119,447 |
Net Customer Tooling | 956,665 |  | — |  | 26,741 |  | 983,406 |
Fair Value of Acquired Assets | 360,549,953 |  | 31,683,614 |  | 43,886 |  | 392,277,453 |
Other adjustments | — |  | — |  | (1,492,398 | ) | (1,492,398 | )
Goodwill | 337,557,061 |  | (31,683,614 | ) | 1,492,398 |  | 307,365,845 |
Total Cash Consideration | $ | 698,107,014 |  | $ | — |  | $ | 43,886 |  | $ | 698,150,900 |
(1) - The Company used the prepaid service agreement costs to offset payments due to the Seller in the quarter ended , December 31, 2013.
Schedule of Pro Forma Information | The following unaudited pro forma condensed consolidated statement of income for twelve month periods ended December 31, and 2012 include pro-forma adjustments to reflect the effect of the acquisition as if it had occurred on January 1, 2013. This unaudited pro forma consolidated statement of income is provided for informational purposes only and does not purport to be indicative of the results which would have actually been attained had the acquisition occurred on January 1, 2013 or that may be attained in the future.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
Twelve Months Ended December 31,
| 2013 | 2012
Net Sales | $ | 1,271,320 |  | $ | 1,216,009 |
Net Income | 253,678 |  | 205,023 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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