Note 3. Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2013

Note 3. Intangible Assets Tables

Fair value of PIR intangible assets and goodwill

Total Consideration	$	3,450,000
Plus:  Liabilities assumed in excess of tangible assets		2,029,692
Total fair value of PIR intangible assets and goodwill	$	5,479,692
Allocation of PIR intangible assets and goodwill:
Amortizable intangible assets	$	3,300,000
Trademarks		720,000
Goodwill		1,459,692
Total fair value of PIR intangible assets and goodwill	$	5,479,692

Assets and liabilities acquired

Cash	$	271,602
Accounts receivable		1,405,208
Prepaid expenses and other assets		366,876
Furniture, equipment, and improvements		297,076
Deposits		10,283
Total assets		2,351,045
Accounts payable and accrued expenses		(1,790,133	)
Deferred revenue		(1,452,780	)
Net tax liabilities		(1,137,824	)
Total liabilities		(4,380,737	)
Liabilities assumed in excess of tangible assets	$	2,029,692

Amortizable intangible assets

	Asset Amount		Useful Life (years)
Client relationships	$	1,480,000		7
Customer list		1,270,000		3
Software		550,000		3
	$	3,300,000

Unaudited condensed pro-forma financial results

	Nine Months Ended
	September 30,
	2013			2012
Revenues		$	12,288,244		$	13,826,544
Net Income		$	839,595		$	738,101
Basic earnings per share		$	0.43		$	0.39
Diluted earnings per share		$	0.41		$	0.38