Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

v3.7.0.1
Acquisition (Tables)
12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Schedule of Assets and Liabilities Acquired
The following allocation of the purchase consideration is subject to revision as additional information becomes known in the future:

 
Cash and cash equivalents
 
$
17,000
 
Accounts receivable
   
21,000
 
Inventory
   
379,000
 
Prepaid and other assets
   
51,000
 
Equipment
   
1,000
 
Identifiable intangible assets:
       
  Trademarks (5 year estimated useful life)
   
99,000
 
  Customer base (6 year estimated useful life)
   
37,000
 
  Developed technology (4 year estimated useful life)
   
1,864,000
 
Total identifiable intangible assets
   
2,000,000
 
Goodwill
   
430,000
 
Accounts payable
   
(118,000
)
Accrued and other liabilities
   
(175,000
)
Non-controlling interest
   
(29,000
)
Purchase price
 
$
2,577,000
 
Schedule of Intangible rights acquired
Intangible rights acquired consisted of the following as of December 31, 2016:

Trademarks
 
$
99,000
 
Customer base
   
37,000
 
Developed technology
   
1,864,000
 
Total
   
2,000,000
 
Less accumulated amortization
   
(148,264
)
Net acquired intangibles
 
$
1,851,736
 
Schedule of Proforma Information for Acquisition
The following table presents unaudited supplemental pro forma information for the years ended December 31, 2016 and 2015, as if the BDI acquisition had occurred as of January 1, 2015:
 
 
 
2016
   
2015
 
Total revenue
 
$
127,000
   
$
690,000
 
Net loss
   
6,895,000
     
10,921,000
 
                 
Loss per share (Basic and Diluted)
 
$
1.53
   
$
2.42