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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2018
Schedule of Definite Lived Intangible Assets |
Definite lived intangible assets as of June 30, 2018: |
|  | Expected Life |  | Average Remaining Life |  | Gross Intangible Assets |  |  | Accumulated Amortization |  |  | Net Intangible Assets |
Drawings and technology |  | 3 years |  | 1.0 years |  | $ | 760,207 |  |  | $ | (496,246 | ) |  | $ | 263,961 |
Customer lists and relationships |  | 3 years |  | 1.0 years |  |  | 398,717 |  |  |  | (260,274 | ) |  |  | 138,443 |
Trademarks, URLs and other |  | 3 years |  | 1.0 years |  |  | 27,759 |  |  |  | (19,078 | ) |  |  | 8,681 |
|  |  |  |  |  | $ | 1,186,683 |  |  | $ | (775,598 | ) |  | $ | 411,085 |
Definite lived intangible assets as of December 31, 2017: |
|  | Expected Life |  | Average Remaining Life |  | Gross Intangible Assets |  |  | Accumulated Amortization |  |  | Net Intangible Assets |
Drawings and technology |  | 3 years |  | 1.5 years |  | $ | 760,207 |  |  | $ | (369,545 | ) |  | $ | 390,662 |
Customer lists and relationships |  | 3 years |  | 1.5 years |  |  | 398,717 |  |  |  | (193,821 | ) |  |  | 204,896 |
Trademarks, URLs and other |  | 3 years |  | 1.5 years |  |  | 27,759 |  |  |  | (14,912 | ) |  |  | 12,847 |
|  |  |  |  |  | $ | 1,186,683 |  |  | $ | (578,278 | ) |  | $ | 608,405 |
Schedule of Amortization Expense of Definite Lived Intangible Assets | The amortization expense of the definite lived intangible assets for the years remaining is as follows:
|  |  |  |  |  | 2018 |  |  | 2019 |  |  | Total |
|  |  |  |  |  | $ | 197,321 |  |  | $ | 213,764 |  |  | $ | 411,085 |
Ion Software and Services |
Summary of Allocation of Total Consideration to the Acquired Net Assets | The allocation of the total consideration to the acquired net assets as of the acquisition date for Ion is as follows:
Equipment at estimated fair value |  | $ | 297,700 |
Amount paid |  |  | (67,000 | )
Gain on acquisition of equipment to be recognized over the three year contract service period |  | $ | 230,700 |
Mission Technology Group, Inc |
Summary of Allocation of Total Consideration to the Acquired Net Assets | The allocation of the total consideration to the acquired net assets as of the acquisition date for Magma was as follows:
Cash |  | $ | 68,308 |
Accounts receivable |  |  | 356,499 |
Prepaid expenses |  |  | 93,800 |
Inventories |  |  | 1,208,675 |
Property and equipment |  |  | 143,705 |
Customer lists and relationships |  |  | 398,717 |
Drawings and technology |  |  | 760,207 |
Trademarks and URL's |  |  | 25,000 |
Other intangibles |  |  | 2,759 |
Deposits and other |  |  | 17,202 |
Accounts payable |  |  | (842,843 | )
Warranty reserve |  |  | (15,000 | )
Deferred tax liability |  |  | (266,620 | )
Accrued expenses |  |  | (816,249 | )
Other accrued liabilities |  |  | (50,000 | )
Line of credit |  |  | (517,335 | )
Notes payable, current portion |  |  | (157,572 | )
Notes payable, long-term |  |  | (200,000 | )
Total fair value excluding goodwill |  |  | 209,253 |
Goodwill |  |  | 1,547,358 |
Total consideration |  | $ | 1,756,611 |

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