Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.7.0.1
ACQUISITIONS (Tables)
6 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Schedule of discounted fair value of the consideration transferred

The acquisition date estimated fair value of the consideration transferred consisted of the following:


Customer and related relationships

 

$

39,578

 

Website

 

 

177,690

 

Total

 

$

217,268

 

Summary of assets acquired

A summary of assets acquired is as follows:


Inventory

 

$

58,000

 

Intangibles – website

 

 

80,000

 

Intangibles – trade name

 

 

150,000

 

Intangibles – customer relationships

 

 

252,000

 

Intangibles – non compete agreements

 

 

120,000

 

Total assets acquired

 

$

660,000

 

Schedule of Pro forma results

The following table sets forth the unaudited pro forma results of the Company as if the acquisition of the assets constituting the Black Helmet apparel business had taken place on the first day of the periods presented. These combined results are not necessarily indicative of the results that may have been achieved had the assets been acquired as of the first day of the periods presented.


 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2016

 

 

2016

 

Total revenue

 

$

677,328

 

 

$

1,349,635

 

Total expenses

 

 

1,310,729

 

 

 

2,726,510

 

Preferred stock dividend

 

 

128,084

 

 

 

218,186

 

Net loss attributable to common shareholders

 

$

(761,485

)

 

$

(1,595,061

)

Basic and diluted net loss per share

 

$

(0.03

)

 

$

(0.05

)

Schedule of Intangible Assets

At June 30, 2017 and December 31, 2016, respectively, website acquisition assets consisted of the following:


 

 

June 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

Website Acquisition Assets

 

$

1,739,179

 

 

$

1,739,179

 

Less: Accumulated Amortization

 

 

(732,587

)

 

 

(581,045

)

Less: Impairment Loss

 

 

(191,020

)

 

 

(191,020

)

Website Acquisition Assets, net

 

$

815,572

 

 

$

967,114