Quarterly report pursuant to sections 13 or 15(d)

ACQUISITIONS (Tables)

v2.4.0.6
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2013
Summary of Distributed and Undistributed Liability Consideration

The following table summarizes the distributed and undistributed consideration by type as of March 31, 2013:

 

     Distributed Consideration      Undistributed
Consideration		      Unfunded Escrow      Total Consideration  
     Shares      Amount      Shares      Amount      Shares      Amount      Shares      Amount  

Cash

      —         $ 10,410,343         —         $ 288,634         —         $ 563,347         —         $ 11,262,324   

Common stock

      8,428,722         5,478,670         262         169         791,856         514,707         9,220,840         5,993,546   

Series D preferred stock

      11,915         1,012,775         —           —           —           —           11,915         1,012,775   
     

 

 

        

 

 

        

 

 

        

 

 

  
      $ 16,901,788          $ 288,803          $ 1,078,054          $ 18,268,645   
     

 

 

        

 

 

        

 

 

        

 

 

  
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the preliminary determination of the fair value of identifiable assets acquired and liabilities assumed from the Seesmart acquisition. The final determination of the fair value of certain assets and liabilities including income taxes and contingencies, including the litigation discussed in Note 13, will be completed within the one year measurement period from the date of acquisition as required by the FASB ASC Topic 805, “Business Combinations”.

 

Cash

    $ 68,661   

Accounts receivable

      1,048,345   

Inventory

      1,352,326   

Goodwill

      10,158,702   

Customer relationships

      7,273,000   

Trademarks

      3,434,000   

Other assets

      333,470   
  

 

 

  

Assets acquired

    $ 23,668,504   

Accounts payable

    $ 2,692,064   

Accrued liabilities

      1,137,045   

Deferred revenue

      104,000   

Customer deposits

      1,466,750   
  

 

 

  

Liabilities assumed

    $ 5,399,859   
  

 

 

  

Preliminary purchase price (enterprise value)

    $ 18,268,645   
  

 

 

  
  

Preliminary purchase price (equity value)

    $ 14,914,982   
  

 

 

  
Summary of Preliminary purchase Price Allocation to Assets Acquired

The following summarizes the preliminary purchase price allocation to the assets acquired. The final allocation will be completed within one year of the acquisition:

 

Customer contracts

    $ 1,599,000   

Gain on bargain purchase

      (742,750 ) 
  

 

 

  

Preliminary purchase price

    $ 856,250