Asset purchases and acquisitions of businesses

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 4. Asset purchases and acquisitions of businesses

DraftDay.com

On April 7, 2014, the Company closed on an Asset Purchase Agreement (“Agreement”) with CardRunners Gaming, Inc. to acquire business assets and intellectual property related to DraftDay.com for cash consideration of $600 and stock consideration of $190, consisting of 95,166 shares of Company’s Common stock at $2.00 per share (valued on the date of close). The Company determined the acquisition constitutes a business in accordance with the guidance of ASC 805 “Business Combinations.”

The following table summarizes the fair values of the net assets/liabilities assumed and the allocation of the aggregate fair value of the purchase consideration to assumed identifiable intangible assets:

Cash	$	600
Common stock – 95,166 shares at $2.00 per share		190
Total purchase price	$	790

Cash	$	547
Customer list		51
Domains		64
Website		675
Player deposit liability		(547	)
Total purchase price allocation	$	790

Pro–forma results

The following tables summarize, on an unaudited pro–forma basis, the results of operations of the Company as though the acquisition of DraftDay.com had occurred as of January 1, 2014. The pro–forma amounts give effect to appropriate adjustments of amortization of intangible assets and interest expense associated with the financing of the acquisition. The pro–forma amounts presented are not necessarily indicative of the actual results of operations had the acquisition transaction occurred as of January 1, 2014.

Year ended December 31, 2014	MGT			DraftDay			Pro–forma total
Revenues	$	1,056		$	192		$	1,248
Net loss		(5,330	)		(240	)		5,570
Loss per share of Common stock		(0.56	)		–			(0.56	)
Basic and diluted		9,493,057			–			9,493,057

Refer to Note 1 for sale of DraftDay.com.