Summary of assets acquired and liabilities assumed at their estimated acquisition |
|
|
|
|
Purchase Price |
|
|
|
Equity value |
|
$ |
13,262,000 |
Cash acquired |
|
|
(4,762,000) |
Total purchase price paid, net of cash acquired |
|
$ |
8,500,000 |
|
|
|
|
Purchase Price Allocation |
|
|
|
Restricted cash |
|
$ |
6,622,035 |
Accounts receivable |
|
|
92,231 |
Prepaid expenses and other current assets |
|
|
131,414 |
Property and equipment |
|
|
1,601,990 |
Noncompete agreements |
|
|
990,000 |
Capitalized software |
|
|
1,200,000 |
Operating lease - right of use assets |
|
|
1,763,960 |
Goodwill |
|
|
2,382,917 |
Trademarks |
|
|
1,520,000 |
Patents and patent applications |
|
|
650,000 |
Customer relationships |
|
|
2,920,000 |
Security deposits |
|
|
54,869 |
Account payable |
|
|
(925,608) |
Accrued expenses |
|
|
(1,267,708) |
Accrued fiduciary obligations |
|
|
(4,070,908) |
Operating lease liabilities |
|
|
(1,763,960) |
Deferred tax liability |
|
|
(2,151,012) |
Deferred revenue |
|
|
(1,205,220) |
Other long-term liabilities |
|
|
(45,000) |
Total fair value of net assets acquired and liabilities assumed |
|
$ |
8,500,000 |
|
Summary of estimated fair values of identifiable intangible assets, their estimated useful lives and expected amortization periods |
|
|
|
|
|
|
|
|
|
|
|
Useful |
|
|
Acquisition |
|
Life in |
|
|
Fair Value |
|
Years |
Trademarks |
|
$ |
1,520,000 |
|
10 Years |
Noncompete agreements |
|
|
990,000 |
|
5 Years |
Customer relationships |
|
|
2,920,000 |
|
7 Years |
Patents and patent applications |
|
|
650,000 |
|
(*) |
(*) |
Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval. |
|