Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

v2.4.1.9
ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
Schedule of Business Acquisition Pro Forma Information

CyberFone Systems

  

 

Intangible assets   $ 1,135,512  
Goodwill     2,144,488  
Net purchase price   $ 3,280,000  

 

Selene Communication Technologies

 

 

Intangible assets   $ 910,000  
Net working capital     37,000  
Goodwill     83,000  
Net purchase price   $ 1,030,000  

 

 

Clouding Corp.

 

 

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  

 

Summary of Unaudited Pro-forma Information

 

    December 31,  
    2014     2013  
Pro forma revenues   $ 21,501,969     $ 15,418,371  
Pro forma income (loss) from operations     (2,477,063 )     (4,382,417 )
Pro forma net income (loss)     (2,532,174 )     (4,153,112 )
Pro forma net income (loss) per share     (0.22 )     (0.45 )
Pro forma net income (loss) attributable to common shareholders     (3,803,666 )     (4,153,112 )
Pro forma net income (loss) attributable to common shareholders     (0.33 )     (0.45 )
Weighted average number of shares outstanding – basic and diluted     11,660,879       9,208,836  

 

TLI Communications LLC

 

Intangible assets   $ 940,000  
Goodwill     228,000  
Net purchase price   $ 1,168,000  

 

3

Medtech Entities

 

Intangible assets   $ 12,800,000  
Goodwill     2,700,000  
Net purchase price   $ 15,500,000  

 

 

    December 31,  
    2014     2013  
Pro forma revenues   $ 21,697,937     $ 3,755,726  
Pro forma income (loss) from operations     (4,037,857 )     (5,965,065 )
Pro forma net income (loss)     (4,780,198 )     (6,387,532 )
Pro forma net income (loss) per share     (0.41 )     (0.69 )
Pro forma net income (loss) attributable to common shareholders     (6,051,690 )     (6,387,532 )
Pro forma net income (loss) attributable to common shareholders     (0.52 )     (0.69 )
Weighted average number of shares outstanding – basic and diluted     11,660,879       9,208,836