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Acquisitions/Purchase Price Accounting (Tables) | 6 Months Ended
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Sep. 30, 2013
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 |  |  | 896 |
Property, Plant and Equipment |  |  | 300 |
Customer relationships |  |  | 652 |
Developed technology |  |  | 5,820 |
Library |  |  | 300 |
Trade names / Trademarks |  |  | 54 |
Goodwill |  |  | 1,182 |
Accounts payable |  |  | (1,151 | )
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 September 30, 2013 are as follows:
|  | Unaudited |
Revenue |  | $ | 9,089 |
Cost of goods sold |  |  | 6,267 |
Gross profit |  | $ | 2,822 |
Operating expenses |  |  | 2,306 |
Income from operations |  |  | 516 |
Non-operating (income) / expense, net |  |  | (14 | )
Provision for income tax |  |  | 129 |
Net income |  | $ | 401 |
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 Six Months Ended September 30, |
|  | 2013 |  |  | 2012 |
Revenues |  | $ | 12,553 |  |  | $ | 9,314 |
Cost of goods sold |  |  | 7,462 |  |  |  | 4,822 |
Gross profit |  |  | 5,091 |  |  |  | 4,492 |
Operating expenses |  |  | 12,514 |  |  |  | 10,205 |
Income/(loss) from operations |  |  | (7,423 | ) |  |  | (5,713 | )
Non-operating expense |  |  | 2,533 |  |  |  | 1,186 |
Income/(loss) before provision for income taxes |  |  | (9,956 | ) |  |  | (6,899 | )
Provision for income taxes |  |  | 106 |  |  |  | 74 |
Net income/(loss) |  | $ | (10,062 | ) |  | $ | (6,973 | )
Basic and diluted earnings per share |  | $ | 0.44 |  |  | $ | (0.41 | )
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 |

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