Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.10.0.1
Acquisitions (Tables)
6 Months Ended
Jun. 30, 2018
Schedule of Definite Lived Intangible Assets

Definite lived intangible assets as of June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Life

 

Average

Remaining

Life

 

Gross

Intangible

Assets

 

 

Accumulated

Amortization

 

 

Net

Intangible

Assets

 

Drawings and technology

 

3 years

 

1.0 years

 

$

760,207

 

 

$

(496,246

)

 

$

263,961

 

Customer lists and relationships

 

3 years

 

1.0 years

 

 

398,717

 

 

 

(260,274

)

 

 

138,443

 

Trademarks,  URLs and other

 

3 years

 

1.0 years

 

 

27,759

 

 

 

(19,078

)

 

 

8,681

 

 

 

 

 

 

 

$

1,186,683

 

 

$

(775,598

)

 

$

411,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Definite lived intangible assets as of December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Life

 

Average

Remaining

Life

 

Gross

Intangible

Assets

 

 

Accumulated

Amortization

 

 

Net

Intangible

Assets

 

Drawings and technology

 

3 years

 

1.5 years

 

$

760,207

 

 

$

(369,545

)

 

$

390,662

 

Customer lists and relationships

 

3 years

 

1.5 years

 

 

398,717

 

 

 

(193,821

)

 

 

204,896

 

Trademarks,  URLs and other

 

3 years

 

1.5 years

 

 

27,759

 

 

 

(14,912

)

 

 

12,847

 

 

 

 

 

 

 

$

1,186,683

 

 

$

(578,278

)

 

$

608,405

 

 

Schedule of Amortization Expense of Definite Lived Intangible Assets

The amortization expense of the definite lived intangible assets for the years remaining is as follows:

 

 

 

 

 

 

 

2018

 

 

2019

 

 

Total

 

 

 

 

 

 

 

$

197,321

 

 

$

213,764

 

 

$

411,085

 

 

Ion Software and Services  
Summary of Allocation of Total Consideration to the Acquired Net Assets

The allocation of the total consideration to the acquired net assets as of the acquisition date for Ion is as follows:

 

Equipment at estimated fair value

 

$

297,700

 

Amount paid

 

 

(67,000

)

Gain on acquisition of equipment to be recognized

   over the three year contract service period

 

$

230,700

 

 

Mission Technology Group, Inc  
Summary of Allocation of Total Consideration to the Acquired Net Assets

The allocation of the total consideration to the acquired net assets as of the acquisition date for Magma was as follows:

 

Cash

 

$

68,308

 

Accounts receivable

 

 

356,499

 

Prepaid expenses

 

 

93,800

 

Inventories

 

 

1,208,675

 

Property and equipment

 

 

143,705

 

Customer lists and relationships

 

 

398,717

 

Drawings and technology

 

 

760,207

 

Trademarks and URL's

 

 

25,000

 

Other intangibles

 

 

2,759

 

Deposits and other

 

 

17,202

 

Accounts payable

 

 

(842,843

)

Warranty reserve

 

 

(15,000

)

Deferred tax liability

 

 

(266,620

)

Accrued expenses

 

 

(816,249

)

Other accrued liabilities

 

 

(50,000

)

Line of credit

 

 

(517,335

)

Notes payable, current portion

 

 

(157,572

)

Notes payable, long-term

 

 

(200,000

)

Total fair value excluding goodwill

 

 

209,253

 

Goodwill

 

 

1,547,358

 

Total consideration

 

$

1,756,611