Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

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Acquisitions (Tables)
6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
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, if necessary, 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 Operating Results

Operating results of DIQ for the three and six months ended June 30, 2015 follow:

 

    Three Months     Six Months  
    Ended     Ended  
    June 30, 2015     June 30, 2015  
             
Revenue   $ 1,272,920     $ 2,906,540  
                 
Net income (loss)   $ (42,173 )   $ 22,006