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Note 4. Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2013
Note 4. Goodwill And Intangible Assets Tables |
Fair value of PIR intangible assets and goodwill |
Total Consideration |  | $ | 3,450,000 |
Plus: Liabilities assumed in excess of tangible assets |  |  | 1,564,030 |
Total fair value of PIR intangible assets and goodwill |  | $ | 5,014,030 |
Allocation of PIR intangible assets and goodwill: |  |  |  |
Amortizable intangible assets |  | $ | 3,300,000 |
Trademarks |  |  | 720,000 |
Goodwill |  |  | 994,030 |
Total fair value of PIR intangible assets and goodwill |  | $ | 5,014,030 |
Assets and liabilities acquired |
Cash |  | $ | 271,602 |
Accounts receivable |  |  | 1,405,208 |
Prepaid expenses and other assets |  |  | 366,876 |
Furniture, equipment, and improvements |  |  | 297,076 |
Deposits |  |  | 10,283 |
Total assets |  |  | 2,351,045 |
Accounts payable and accrued expenses |  |  | (1,352,831 | )
Deferred revenue |  |  | (1,452,780 | )
Net tax liabilities |  |  | (1,109,464 | )
Total liabilities |  |  | (3,915,075 | )
Liabilities assumed in excess of tangible assets |  | $ | (1,564,030) |
Amortizable intangible assets |
|  | Asset Amount |  |  | Useful Life (years) |
Client relationships |  | $ | 1,480,000 |  |  |  | 7 |
Customer list |  |  | 1,270,000 |  |  |  | 3 |
Software |  |  | 550,000 |  |  |  | 3 |
|  | $ | 3,300,000 |  |  |  |  |
Unaudited condensed pro-forma financial results |
|  | Year Ended |
|  | December 31, |
|  | 2013 |  |  | 2012 |
Revenues |  |  | 15,892,000 |  |  |  | 17,987,000 |
Net Income |  |  | 776,000 |  |  |  | 833,000 |
Basic earnings per share |  |  | 0.40 |  |  |  | 0.44 |
Diluted earnings per share |  |  | 0.38 |  |  |  | 0.42 |
Components of goodwill and intangible assets |
|  | December 31, 2013 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer lists |  | $ | 1,770,000 |  |  | $ | (373,883 | ) |  | $ | 1,396,117 |
Customer relationships-noncontractual |  |  | 1,505,000 |  |  |  | (100,690 | ) |  |  | 1,404,310 |
Proprietary software |  |  | 601,000 |  |  |  | (108,298 | ) |  |  | 492,702 |
Trademarks |  |  | 720,000 |  |  |  | — |  |  |  | 720,000 |
Goodwill |  |  | 1,056,873 |  |  |  | — |  |  |  | 1,056,873 |
Total intangible assets |  | $ | 5,652,873 |  |  | $ | (582,871 | ) |  | $ | 5,070,002 |
|  | December 31, 2012 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer lists |  | $ | 500,000 |  |  | $ | (128,333 | ) |  | $ | 371,667 |
Customer relationships-noncontractual |  |  | 25,000 |  |  |  | (25,000 | ) |  |  | - |
Proprietary software |  |  | 51,000 |  |  |  | (34,333 | ) |  |  | 16,667 |
Goodwill |  |  | 43,195 |  |  |  | — |  |  |  | 43,195 |
Total intangible assets |  | $ | 619,195 |  |  | $ | (187,666 | ) |  | $ | 431,529 |
Schedule of future amortization of intangible assets |
Years Ending December 31: |  |  |
2014 |  | $ | 920,429 |
2015 |  |  | 912,095 |
2016 |  |  | 690,248 |
2017 |  |  | 211,762 |
2018 |  |  | 211,429 |
Thereafter |  |  | 347,166 |
Total |  | $ | 3,293,129 |

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