MULTIPAY ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Schedule of the total fair value of consideration transferred as well as the fair values of the assets acquired and liabilities assumed

The following table summarizes the total fair value of consideration transferred as well as the fair values of the assets acquired and liabilities assumed.

Fair value of common stock	$	860,491
Liabilities assumed		909,721
Total fair value of consideration transferred	$	1,770,212
Cash	$	987
Accounts receivable		60,673
Inventory		62,861
Other assets		171,133
Property and equipment		20,000
Intellectual property		1,273,781
Non-compete agreement		14,087
Total identifiable tangible assets acquired		1,603,522
Goodwill	$	166,689

Schedule of activity for Goodwill

The activity for Goodwill during the year ended December 31, 2015 is as follows:

	Goodwill
Balance, beginning of year	$	-
Acquisition of MultiPay		166,689
Balance, end of year	$	166,689

Schedule of consolidated statements of operations

The following unaudited pro forma information gives effect to the Company’s acquisition of Multipay as if the acquisition had occurred on January 1, 2014 and had been included in the Company’s consolidated statements of operations for the years 2015 and 2014.

	2015			2014
Pro forma net revenues	$	816,140		$	875,804
Pro forma net loss	$	(36,752,327	)	$	(1,068,460	)