Annual report pursuant to Section 13 and 15(d)

NOTE 14 - STOCKHOLDERS' DEFICIT (Tables)

v3.7.0.1
NOTE 14 - STOCKHOLDERS' DEFICIT (Tables)
12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Fair Value of Merger

The fair value of the assets acquired and liabilities assumed in the merger are as follows:

 

Assets acquired:

 

 

 

 

Cash

 

$

1,347

 

Trade name and technology

 

 

165,000

 

Customer relationships

 

 

250,000

 

Goodwill

 

 

1,163,816

 

Total assets

 

 

1,580,163

 

 

 

 

 

 

Liabilities assumed:

 

 

 

 

Accounts payable

 

 

216,461

 

Loans payable

 

 

748,426

 

Accrued expenses

 

 

35,275

 

Accrued salary

 

 

184,263

 

Deferred revenue

 

 

1,809

 

Total liabilities

 

 

1,186,234

 

Purchase price

 

$

393,929

Pro Forma Results of Operation

The following unaudited pro forma consolidated results of operations have been prepared as if the merger occurred on January 1, 2014:

 

 

 

Three Months Ended

March 31,

 

 

Year

Ended December 31,

 

 

 

2015

 

 

2014

 

Net Revenues

 

$

1,107,166

 

 

$

4,603,768

 

Net Loss

  

 

(1,338,399

)

  

 

(3,049,378

)

Net Loss per Share

 

$

(.02

)

 

$

(.05

)