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Acquisitions/Purchase Price Accounting (Tables) | 3 Months Ended
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Jun. 30, 2013
M.D.G Logia Holdings Ltd |
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition.
|  | Unaudited |
Cash |  | $ | 59 |
Accounts receivable |  |  | 567 |
Prepaid expenses and other assets |  |  | 86 |
Customer relationships |  |  | 3,454 |
Developed technology |  |  | 818 |
Trade names / Trademarks |  |  | 143 |
Non-compete agreements |  |  | 54 |
Goodwill |  |  | 1,067 |
Current liabilities |  |  | (1,222 | )
Long-term debt |  |  | (35 | )
Purchase price |  | $ | 4,991 |
Amortization Period for Intangible Assets | The amortization period for the intangible assets is as follows:
|  | Remaining Useful Life |
Customer relationships |  |  | 10 years |
Developed technology |  |  | 10 years |
Trade names / Trademarks |  |  | 5 years |
Non-compete agreements |  |  | 4 years |
Goodwill |  |  | Indefinite |
Targets Combined Operating Results | The Targets’ combined operating results from the acquisition date to June 30, 2013 are as follows:
|  | Unaudited |
Revenue |  | $ | 4,017 |
Cost of goods sold |  |  | 1,223 |
Gross profit |  | $ | 2,794 |
Operating expenses |  |  | 2,107 |
Income from operations |  |  | 687 |
Non-operating expenses, net |  |  | (14 | )
Provision for income tax |  |  | (26 | )
Net income |  | $ | 727 |
Pro Forma Financial Information | The pro forma financial information of the Company’s consolidated operations if the acquisition of the Targets had occurred as of April 1, 2011 is presented below.
|  | Unaudited Three Months Ended June 30, |
|  | 2013 |  |  | 2012 |
Revenues |  | $ | 5,092 |  |  | $ | 1,884 |
Cost of goods sold |  |  | 3,268 |  |  |  | 2,438 |
Gross profit |  |  | 1,824 |  |  |  | (554 | )
Operating expenses |  |  | 5,977 |  |  |  | 3,045 |
Income / (loss) from operations |  |  | (4,153 | ) |  |  | (3,599 | )
Non-operating (income) / expense, net |  |  | 1,609 |  |  |  | 633 |
Income / (loss) before provision for income taxes |  |  | (5,762 | ) |  |  | (4,232 | )
Provision for income taxes |  |  | 76 |  |  |  | 14 |
Net Income / ( loss) |  | $ | (5,686 | ) |  | $ | (4,246 | )
Basic and diluted loss per share |  | $ | (0.30 | ) |  | $ | (0.23 | )
Mirror Image International Holdings Pvt Ltd |
Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition.
|  | Unaudited |
Cash |  | $ | 514 |
Accounts receivable |  |  | 2,809 |
Prepaid expenses and other assets |  |  | 1,070 |
Property, Plant and Equipment |  |  | 300 |
Customer relationships |  |  | 652 |
Developed technology |  |  | 5,820 |
Library |  |  | 300 |
Trade names / Trademarks |  |  | 54 |
Goodwill |  |  | 1,252 |
Accounts payable |  |  | (1,395 | )
Accrued liabilities |  |  | (2,891 | )
Accrued compensation |  |  | (345 | )
Purchase price |  | $ | 8,140 |
Amortization Period for Intangible Assets | The amortization period for the intangible assets is as follows:
|  | Remaining Useful Life |
Customer relationships |  |  | 14 years |
Developed technology |  |  | 5 years |
Trade names / Trademarks |  |  | 5 years |
Library |  |  | 5 years |
Goodwill |  |  | Indefinite |
Targets Combined Operating Results | The Targets’ combined operating results from the acquisition date to June 30, 2013 are as follows:
|  | Unaudited |
Revenue |  | $ | 3,658 |
Cost of goods sold |  |  | 2,537 |
Gross profit |  | $ | 1,121 |
Operating expenses |  |  | 1,054 |
Income from operations |  |  | 67 |
Non-operating (income) / expense, net |  |  | (13 | )
Provision for income tax |  |  | (26 | )
Net income |  | $ | 106 |
Pro Forma Financial Information | The pro forma financial information of the Company’s consolidated operations if the acquisition of MIA had occurred as of April 1, 2012 is presented below.
|  | Unaudited |
|  | Three Months Ended June 30, |
|  | 2013 |  |  | 2012 |
Revenues |  | $ | 5,617 |  |  | $ | 4,569 |
Cost of goods sold |  |  | 3,640 |  |  |  | 2,828 |
Gross profit |  |  | 1,977 |  |  |  | 1,742 |
Operating expenses |  |  | 6,215 |  |  |  | 4,981 |
Loss from operations |  |  | (4,238 | ) |  |  | (3,240 | )
Non-operating expense |  |  | 1,600 |  |  |  | 499 |
Loss before provision for income taxes |  |  | (5,838 | ) |  |  | (3,738 | )
Provision for income taxes |  |  | (135 | ) |  |  | 53 |
Net loss |  | $ | (5,702 | ) |  | $ | (3,791 | )
Basic and diluted loss per share |  | $ | (0.29 | ) |  | $ | 0.00 |

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