In December 2018, the Company entered into a definitive agreement to acquire the net assets of ISM Connect, LLC’s Smart Retail product Suite (“Smart Retail”). The transaction closed on January 9, 2019.

The following table summarizes the consideration paid for the Smart Retail acquisition in 2019 (in thousands):

Fair value of assets acquired	$	9,394
Fair value of liabilities assumed		291
Total purchase price	$	9,103

Components of purchase price:
Cash	$	3,974
Common stock		5,129
Total purchase price	$	9,103

The Company’s allocation of the purchase price is summarized as follows (in thousands):

Assets:
Costs incurred on projects not complete	$	53
Intangible assets		5,229
Goodwill		4,112
Total assets	$	9,394
Liabilities:
Deferred revenue	$	291
Total liabilities		291
Total purchase price	$	9,103

The purpose of the Smart Retail acquisition was to acquire a new growing and profitable revenue stream while deepening the relationships with our customers. The Smart Retail platform, which the Company now calls ViewSpot, enables wireless carriers and retailers to offer powerful on-screen, interactive device demos that deliver consistent, secure and targeted content that showcase the features of the devices that consumers what to see and learn more about. ViewSpot provides analytics capabilities, which allows customers to gain valuable insights and buying behaviors. The platform was a logical addition to the Company’s existing product line that reaches wireless carriers and provides them with services that can attract and retain customers.

Unaudited pro forma results of operations for the years ended December 31, 2019 and 2018 are included below as if the acquisition occurred on January 1, 2018. This summary of the unaudited pro forma results of operations is not necessarily indicative of what the Company’s results of operations would have been had Smart Retail been acquired at the beginning of 2018, nor does it purport to represent results of operations for any future periods.

	Year Ended December 31,
	2019		2018
	(in thousands, except per share amounts)
Revenues	$	43,346	$	30,086
Net income (loss)		10,722		(1,421	)
Earnings (loss) per share:
Basic	$	0.31	$	(0.08	)
Diluted	$	0.29	$	(0.08	)