Annual report pursuant to section 13 and 15(d)

3. Business Combination (Tables)

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3. Business Combination (Tables)
 12 Months Ended
Dec. 31, 2013
Business Combination Tables  
Purchase Price Allocation
    Allocated Fair Value  
Cash   $ 283,199  
Accounts Receivable     89,398  
Prepaid Expenses and Other Assets     145,574  
Property and equipment, net     75,385  
Identifiable artistic-related intangible assets (a)     1,740,000  
Total assets acquired     2,333,556  
         
Accounts Payable     (404,757 )
Accrued Expenses     (450,000 )
Short Term Debt – Related Party     (516,966 )
Disputed Trade Payable     (925,000 )
Total liabilities assumed     (2,296,723 )
         
Net assets acquired     36,833  
         
Consideration (b)     10,402,638  
         
Goodwill   $ 10,365,805  
Proforma information

    2013     2012  
Revenues   $ 2,752,830     $ 7,538,926  
Net Loss (1)   $ (5,855,925 )   $ (1,772,236 )

 

(1) Net loss during the twelve months ended December 31, 2013 includes merger related costs of $339,180 as well as the elimination of interest expense of $1,693,821 and loss on derivative valuation of $1,886,943. Net loss during the twelve months ended December 31, 2012 includes merger related costs of $339,180 as well as the elimination of interest expense of $50,259 and gain on derivative valuation of $200,322.