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Note 4. Goodwill and Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Unaudited condensed pro-forma financial results |
|  | Year Ended December 31, 2013 |
Revenues |  | $ | 15,892,000 |
Net Income |  | $ | 776,000 |
Basic earnings per share |  | $ | 0.40 |
Diluted earnings per share |  | $ | 0.38 |
Components of goodwill and intangible assets |
|  | December 31, 2014 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer lists |  | $ | 1,770,000 |  |  | $ | (891,585 | ) |  | $ | 878,415 |
Customer relationships-noncontractual |  |  | 1,747,000 |  |  |  | (318,809 | ) |  |  | 1,428,191 |
Proprietary software |  |  | 782,000 |  |  |  | (306,972 | ) |  |  | 475,028 |
Trademarks |  |  | 952,000 |  |  |  | — |  |  |  | 952,000 |
Goodwill |  |  | 2,241,872 |  |  |  | — |  |  |  | 2,241,872 |
Total intangible assets |  | $ | 7,492,872 |  |  | $ | (1,517,366 | ) |  | $ | 5,975,506 |
|  | December 31, 2013 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Customer lists |  | $ | 1,770,000 |  |  | $ | (373,883 | ) |  | $ | 1,396,117 |
Customer relationships non-contractual |  |  | 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 |
Schedule of future amortization of intangible assets |
Years Ending December 31: |  |  |
2015 |  | $ | 982,871 |
2016 |  |  | 760,653 |
2017 |  |  | 282,538 |
2018 |  |  | 282,205 |
2019 |  |  | 275,178 |
Thereafter |  |  | 198,189 |
Total |  | $ | 2,781,634 |
PrecisionIR |
Fair value of acquired 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 |
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 |  |  |  |  |
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 | )
Accesswire |
Fair value of acquired intangible assets and goodwill |
Total Consideration |  | $ | 1,840,000 |
Allocation of Accesswire intangible assets and goodwill: |  |  |  |
Amortizable intangible assets |  | $ | 423,000 |
Trademarks |  |  | 232,000 |
Goodwill |  |  | 1,185,000 |
Total fair value of Accesswire intangible assets and goodwill |  | $ | 1,840,000 |
Amortizable intangible assets |
|  | Asset Amount |  |  | Useful Life (years) |
Client relationships |  | $ | 242,000 |  |  |  | 7 |
Software |  |  | 181,000 |  |  |  | 5 |
|  | $ | 423,000 |  |  |  |  |

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