XML 40 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3. Intangible Assets and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2014
Note 3. Intangible Assets And Goodwill Tables  
Fair value of PIR intangible assets and goodwill

The transaction resulted in recording intangible assets and goodwill at a fair value of $5,014,030 as follows:

 

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  

 

     The remaining purchase price was allocated among the PIR identifiable intangible assets and goodwill acquired based on their estimated fair values determined as discussed above and was as follows:

 

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
Amortizable intangible assets   $ 3,300,000  
Trademarks     720,000  
Goodwill     994,030  
Total fair value of PIR intangible assets and goodwill   $ 5,014,030  
Unaudited condensed pro-forma financial results
   

Nine Months Ended

September 30,

2013

  
    Revenues   $ 12,288,244  
    Net Income   $ 839,595  
    Basic earnings per share   $ 0.43  
    Diluted earnings per share   $ 0.41