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Acquisitions | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Acquisitions | 2. Acquisitions In December 2018, the Company entered into a definitive agreement to acquire the net assets of ISM Connect, LLC’s Smart Retail product Suite (“Smart Retail”). The transaction closed on January 9, 2019. The following table summarizes the consideration paid for the Smart Retail acquisition in 2019 (in thousands):
Fair value of assets acquired |  | $ | 9,394 |
Fair value of liabilities assumed |  |  | 291 |
Total purchase price |  | $ | 9,103 |
Components of purchase price: |  |  |  |
Cash |  | $ | 3,974 |
Common stock |  |  | 5,129 |
Total purchase price |  | $ | 9,103 |
The Company’s allocation of the purchase price is summarized as follows (in thousands):
Assets: |  |  |  |
Costs incurred on projects not complete |  | $ | 53 |
Intangible assets |  |  | 5,229 |
Goodwill |  |  | 4,112 |
Total assets |  | $ | 9,394 |
Liabilities: |  |  |  |
Deferred revenue |  | $ | 291 |
Total liabilities |  |  | 291 |
Total purchase price |  | $ | 9,103 |
The purpose of the Smart Retail acquisition was to acquire a new growing and profitable revenue stream while deepening the relationships with our customers. The Smart Retail platform, which the Company now calls ViewSpot, enables wireless carriers and retailers to offer powerful on-screen, interactive device demos that deliver consistent, secure and targeted content that showcase the features of the devices that consumers what to see and learn more about. ViewSpot provides analytics capabilities, which allows customers to gain valuable insights and buying behaviors. The platform was a logical addition to the Company’s existing product line that reaches wireless carriers and provides them with services that can attract and retain customers. Unaudited pro forma results of operations for the years ended December 31, 2019 and 2018 are included below as if the acquisition occurred on January 1, 2018. This summary of the unaudited pro forma results of operations is not necessarily indicative of what the Company’s results of operations would have been had Smart Retail been acquired at the beginning of 2018, nor does it purport to represent results of operations for any future periods.
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |
|  | (in thousands, except per share amounts) |
Revenues |  | $ | 43,346 |  |  | $ | 30,086 |
Net income (loss) |  |  | 10,722 |  |  |  | (1,421 | )
Earnings (loss) per share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.31 |  |  | $ | (0.08 | )
Diluted |  | $ | 0.29 |  |  | $ | (0.08 | )

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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