Quarterly report pursuant to sections 13 or 15(d)

Acquisitions (Tables)

v2.4.0.8
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2013
Summary of Distributed and Undistributed Liability Consideration

The following table summarizes the distributed and undistributed consideration by type as of June 30, 2013:

 

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

Cash

     —         $ 11,010,343         —         $ 169,410         —         $ 119,224         —         $ 11,298,977   

Common stock

     8,600,046         5,590,031         262         169         575,358         373,983         9,175,666         5,964,183   

Series D preferred stock

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

 

 

       

 

 

       

 

 

       

 

 

 
      $ 17,613,149          $ 169,579          $ 493,207          $ 18,275,935   
     

 

 

       

 

 

       

 

 

       

 

 

 

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

     10,165,993   

Customer relationships

     7,273,000   

Trademarks

     3,434,000   

Other assets

     333,470   
  

 

 

 

Assets acquired

   $ 23,675,795   
  

 

 

 

Accounts payable

   $ 2,692,065   

Accrued liabilities

     1,137,045   

Deferred revenue

     104,000   

Customer deposits

     1,466,750   
  

 

 

 

Liabilities assumed

   $ 5,399,860   
  

 

 

 

Preliminary purchase price (enterprise value)

   $ 18,275,935   
  

 

 

 

Preliminary purchase price (equity value)

   $ 14,922,982   
  

 

 

 
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 revenue contracts

   $ 1,599,000   

Gain on bargain purchase

     (742,750
  

 

 

 

Preliminary purchase price

   $ 856,250