Quarterly report pursuant to sections 13 or 15(d)

3. Business Combination (Tables)

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3. Business Combination (Tables)
 3 Months Ended
Mar. 31, 2014
Business Combinations [Abstract]  
Purchase Price Allocation

The following table summarizes the final purchase accounting for the fair value of the assets acquired and liabilities assumed at the date of the Merger:

 

    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)     10,402,639  
         
Goodwill   $ 10,365,806  

 
Proforma information

 

    3/31/2014     3/31/2013  
Revenues   $ 176,283     $ 745,011  
Net Loss (1)   $ (854,162 )   $ (1,836,673 )

 

(1) Net loss during the three months ended March 31, 2013 includes merger related costs of $339,180 as well as the elimination of interest expense of $153,261 and loss on derivative valuation of $92,862.