Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.3.1.900
Acquisitions (Tables)
 3 Months Ended
Dec. 31, 2015
Scribe [Member]  
Allocation of intangible assets

The intangibles were recorded, based on the Company's estimate of fair value, which consist primarily of customer lists and trade name with an estimated life of ten years and goodwill. Upon completion of an independent purchase price allocation and valuation, the allocation intangible assets were adjusted accordingly. 

 

(in Thousands)

 

$ 676     Assets Purchased
  452     Liabilities Assumed
  224     Net Assets Purchased
  7,730     Purchase Price
$ 7,506     Intangible Asset from Purchase

 

The primary intangible assets acquired have been identified as the customer list, trade name and goodwill and have been allocated as follows: 

 

$ 1,470     Customer list
  746     Trade name
  5,290     Goodwill
$ 7,506      

Agile [Memeber]  
Allocation of intangible assets

The intangibles were recorded, based on the Company's estimate of fair value, which consist primarily of customer lists with an estimated life of five to ten years and goodwill. Upon completion of an independent purchase price allocation and valuation, the allocation intangible assets were adjusted accordingly. 

 

(in Thousands)

 

$ 1,571     Assets Purchased
  1,479     Liabilities Assumed
  92     Net Assets Purchased
  3,507     Purchase Price
$ 3,415     Intangible Asset from Purchase

 

Intangible asset detail 

 

$ 1,071     Intangible asset customer list
  295     Intangible asset trade name
  225     Intangible asset non-compete agreement
  1,824     Goodwill
$ 3,415     Intangible Asset from Purchase

Access [Member]  
Allocation of intangible assets

The intangibles were recorded, based on the Company's estimate of fair value, which consist primarily of customer lists with an estimated life of five to ten years and goodwill. Upon completion of an independent purchase price allocation and valuation, the allocation intangible assets were adjusted accordingly. 

 

(in Thousands)

 

$ 3,568     Assets Purchased
  1,659     Liabilities Assumed
  1,909     Net Assets Purchased
  15,510     Purchase Price
$ 13,601     Intangible Asset from Purchase

 

Intangible asset detail 

 

$ 4,566     Intangible asset customer list
  756     Intangible asset trade name
  593     Intangible asset non-compete agreement
  7,686     Goodwill
$ 13,601     Intangible Asset from Purchase
Schedule of acquisition

The following unaudited pro forma combined financial information is based on the historical financial statements of the Company and Scribe Solutions Inc., Agile Resources, Inc. and Access Data Consulting Corporation, after giving effect to the Company's acquisition.

 

Pro Forma, unaudited   Three Months
Ended
December 31,
2014 		 
Net sales    $ 17,734  
Cost of sales      12,007  
Operating expenses      5,317  
Net loss    $ (2,854 )
Basic and dilutive income per common share    $ (0.32 )

 

The Company's consolidated financial statements for the three months ended December 31, 2015 include the actual results of the Scribe Solutions Inc., Agile Resources, Inc., and Access Data Consulting Corporation since the date of acquisition, respectively.

 

Revenue and net income for each acquisition for the 3 months ended December 31, 2015 included in the statement of operations   Revenue      Net Income  
Scribe Solutions, Inc.    $ 1,174     $ 188  
Agile Resources, Inc.   $ 2,606     $ 90  
Access Data Consulting Corporation    $ 4,736     $ 397