Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Fair value of consideration transferred

The acquisition-date fair value of the consideration transferred is as follows:

	At March 5, 2019
Cash consideration (1)	$	11,807,925
Contingent consideration	1,718,000
Total consideration	$	13,525,925

(1) Cash consideration includes a $1.0 million escrow payment to be paid out 18 months from the date of the transaction.

Purchase price allocation

The following is the preliminary purchase price allocation as of the March 5, 2019 acquisition date:

	At March 5, 2019
Accounts receivable	$	544,632
Intangible assets	3,480,000
Accrued expenses and other current liabilities	(10,000		)
Deferred revenue	(102,058		)
Net assets acquired	3,912,574
Goodwill	9,613,351
Total consideration	$	13,525,925

Amounts assigned to identifiable intangible assets

The amounts assigned to the identifiable intangible assets are as follows:

	Fair Value		Weighted Average Amortization Period (Years)
Trademark	$	1,200,000	10.0
Software	865,000		3.0
Customer relationships	1,415,000		3.6
Total identifiable intangible assets	$	3,480,000	5.7

Pro forma information

The pro forma information is presented for informational purposes only and is not necessarily indicative of what would have occurred if the Growlr Acquisition had been made as of that date.

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues	$	52,232,377	$	43,978,616	$	102,819,067	$	82,788,321
Net income (loss)	2,387,322		26,823		4,052,879		(3,904,885		)