Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.3.1.900
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2015
KSIX and BMG [Member]  
Summary of Acquisitions of Assets and Liabilities Assumed

Cash   $ 31,334  
Accounts receivable     278,171  
Prepaid expenses     4,715  
Property and equipment     4,585  
Intangible assets (See Note 5)     1,143,162  
Total assets     1,461,967  
Accounts payable and accrued expenses     (146,301 )
Notes payable and long-term debt     (261,586 )
 Net assets acquired     1,054,080  
Gain on bargain purchase     (54,080 )
Consideration   $ 1,000,000  

Summary of KSIX and BMG Operating Results

KSIX and BMG operating results for the comparative year ended December 31, 2014 were as follows:

 

    2014  
       
Revenue   $ 2,674,478  
         
Net income   $ 33,299  

DigitizeIQ, LLC [Member]  
Summary of Acquisitions of Assets and Liabilities Assumed

The Company has estimated the fair value of the assets acquired and liabilities assumed as part of the acquisition and is currently undergoing a formal valuation and will adjust these estimates accordingly within the one year measurement period:

 

Cash   $ 128,063  
Accounts receivable     4,800  
Intangible assets (See Note 5)     1,630,973  
Total assets     1,763,836  
Accounts payable and accrued expenses     (6,244 )
Credit card liability     (153,097 )
Deferred revenue     (288,720 )
 Net assets acquired   $ 1,315,775  
         
Cash and notes issued, net   $ 850,000  
Debt discount     (9,225 )
Value of common stock issued     475,000  
Total consideration   $ 1,315,775  

Summary of KSIX and BMG Operating Results

Operating results for the period from inception (July 23, 2014) through December 31, 2014 and from January 1, 2015 through the date of acquisition (October 12, 2015) are included below:

 

    2015     2014  
             
Revenue   $ 3,720,955     $ 876,699  
                 
Net income   $ (250,664 )   $ (118,035 )