Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION (Tables)

v2.4.0.8
ACQUISITION (Tables)
9 Months Ended
Sep. 30, 2014
CyberFone Systems
 
Net purchase price paid, assets and liabilities
Intangible assets   $ 1,135,512  
Goodwill     2,144,488  
Net purchase price   $ 3,280,000  
Selene [Member]
 
Net purchase price paid, assets and liabilities
Intangible assets   $ 990,000  
Net working capital     37,000  
Goodwill     3,000  
Net purchase price   $ 1,030,000  
Clouding [Member]
 
Net purchase price paid, assets and liabilities

The Company accounted for the acquisition as a business combination in accordance with ASC 805 “Business Combinations”. The Company engaged a third party valuation firm to determine the fair value of the assets purchases, and the net purchase price paid by the Company was subsequently allocated to assets acquired and liabilities assumed on the records of the Company as follows:

 

Intangible assets   $ 14,500,000  
Goodwill     1,296,000  
Net purchase price   $ 15,796,000  

 

Total consideration paid of the following:

 

Cash   $ 1,400,000  
Promissory Note     1,000,000  
Common Stock     281,000  
Earn Out Liability     13,115,000  
Net purchase price   $ 15,796,000  

 

T L I [Member]
 
Net purchase price paid, assets and liabilities
Intangible assets   $ 940,000  
Goodwill     228,000  
Net purchase price   $ 1,168,000