Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.5.0.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition

The Company engaged a third-party valuation specialist to assist the Company in valuing the assets acquired. The following table summarizes the purchase price allocation.

 

Allocation of Purchase Price:

 

    GCB     RMB*  
Customer relationships   $ 1,100,000     $ 250,000  
Goodwill     344,000       115,000  
Non-compete agreement     20,000       -  
Tangible assets     16,000       -  
    $ 1,480,000     $ 365,000  

 

*represents the preliminary purchase price allocation
Business Acquisition, Pro Forma Information

The pro forma information has been included for comparative purposes and is not indicative of results of operations of the Company had the acquisitions occurred on the above date, nor is it necessarily indicative of future results.

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2016     2015     2016     2015  
Total revenue   $ 5,280,802     $ 7,813,376     $ 11,046,331     $ 15,795,783  
Net loss attributable to common shareholders   $ (1,442,000 )   $ (2,409,652 )   $ (3,669,187 )   $ (4,060,596 )
Net loss per common share   $ (0.14 )   $ (0.25 )   $ (0.37 )   $ (0.42 )