Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

v3.6.0.2
Acquisition (Tables)
12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Summary of Consideration Paid and Amounts of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid and the estimated fair value of the assets acquired and liabilities assumed at the acquisition date.

 

Consideration:

 

 

 

 

Cash

 

$

4,000,000

 

Contingent consideration arrangement

 

 

1,000,000

 

Fair value of total consideration transferred

 

$

5,000,000

 

Recognized amounts of identifiable assets acquired and

   liabilities assumed:

 

 

 

 

Accounts receivable

 

$

429,267

 

Intangible assets

 

 

3,497,000

 

Current liabilities

 

 

(176,223

)

Total identifiable net assets acquired

 

$

3,750,044

 

Goodwill

 

 

1,249,956

 

Total

 

$

5,000,000