XML 59 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
Asset Purchase (Tables)
3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Purchase Price Allocation Assets Acquired and Liabilities Assumed on Estimated Fair Values

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on the estimated fair values is as follows:

 

Assets        
Accounts Receivable   $ 2,926,369  
Inventory     67,113  
Intellectual Property     1,000,000  
Non-compete provision     50,000  
Non-solicitation provision     50,000  
Intangible assets-Customer relationships     1,941,030  
Goodwill     1,798,047  
Liabilities        
Accounts Payable     (891,113 )
Accrued Expenses     (941,446 )
    $ 6,000,000  

Pro forma Results of Acquisition

Pro forma results of operations data (unaudited) for the years ended December 31, 2014 and 2013, as if the acquisition had occurred on January 1, 2013, are as follows:

 

    December 31,  
    2014     2013  
Revenue   $ 12,695,295     $ 10,629,171  
Net income (loss)     (183,471     932,209