Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v2.4.0.8
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2013
Pro Form information

Pro Forma Results of Operations for the Nine Months Ended September 30, 2013

 

Mobivity Holdings Corp.  
Consolidated Statements of Operations  
(Unaudited)  
                Pro forma       Pro forma  
    Mobivity     FDI     adjustments       combined  
Revenues                          
Revenues   $ 3,149,555     $ 162,280     $ -       $ 3,311,835  
Cost of revenues     864,519       54,371       -         918,890  
Gross margin     2,285,036       107,909       -         2,392,945  
                                   
Operating expenses                                  
General and administrative     2,644,677       71,720       -         2,716,397  
Sales and marketing     3,289,904       4,888       229,258   (b)     3,524,050  
Engineering, research, and development     465,614       87,994       -         553,608  
Depreciation and amortization     181,262       -       68,469   (c)     249,731  
Total operating expenses     6,581,457       164,602       297,727         7,043,786  
                                   
Loss from operations     (4,296,421 )     (56,693 )     (297,727 )       (4,650,841 )
                                   
Other income/(expense)                                  
Interest income     406       -       -         406  
Interest expense     (6,347,360 )     (6,785 )     -         (6,354,145 )
Change in fair value of derivative liabilities     (3,865,511 )     -       -         (3,865,511 )
Gain (loss) on adjustment in contingent consideration     (193,465 )     -       -         (193,465 )
Total other income/(expense)     (10,405,930 )     (6,785 )     -         (10,412,715 )
                                   
Loss before income taxes     (14,702,351 )     (63,478 )     (297,727 )       (15,063,556 )
                                   
Income tax expense     -       -       -         -  
                                   
Net loss   $ (14,702,351 )   $ (63,478 )   $ (297,727 )     $ (15,063,556 )
                                   
Net loss per share - basic and diluted   $ (0.28 )                     $ (0.27 )
                                   
Weighted average number of shares during the period - basic and diluted     52,247,033                         55,824,239  

 

 

Pro Forma Results of Operations for the Year ended December 31, 2012

 

    Mobivity     FDI   Pro forma adjustments       Pro forma combined  
Revenues                        
Revenues   $ 4,079,745     $ 347,797   $ -       $ 4,427,542  
Cost of revenues     1,300,325       183,819     -         1,484,144  
Gross margin     2,779,420       163,978     -         2,943,398  
                                 
Operating expenses                                
General and administrative     2,984,531       155,568     -         3,140,099  
Sales and marketing     1,562,520       45,292     1,541,050   (b)     3,148,862  
Engineering, research, and development     562,459       199,953     -         762,412  
Depreciation and amortization     549,151       -     178,509   (c)     727,660  
Goodwill impairment     742,446       -     -         742,446  
Intangible asset impairment     145,396       -     -         145,396  
Total operating expenses     6,546,503       400,813     1,719,559         8,666,875  
                                 
Loss from operations     (3,767,083 )     (236,835 )   (1,719,559 )       (5,723,477 )
                                 
Other income/(expense)                                
Interest income     2,833       -     -         2,833  
Interest expense     (4,559,564 )     (4,105 )   (234,115 ) (a)     (4,797,784 )
Change in fair value of derivative liabilities     359,530       -     -         359,530  
Gain on adjustment in contingent consideration     625,357       -     -         625,357  
Total other income/(expense)     (3,571,844 )     (4,105 )   (234,115 )       (3,810,064 )
                                 
Loss before income taxes     (7,338,927 )     (240,940 )   (1,953,674 )       (9,533,541 )
                                 
Income tax expense     -       -     -         -  
                                 
Net loss   $ (7,338,927 )   $ (240,940 ) $ (1,953,674 )     $ (9,533,541 )
                                 
Net loss per share - basic and diluted   $ (0.32 )                   $ (0.32 )
                                 
Weighted average number of shares during the period - basic and diluted     23,069,669                       30,069,669  

 
Sequence [Member]
  
Purchase price allocations Sequence and Front Door Insights

The allocation of the purchase price to the assets acquired based upon fair value determinations was as follows:

 

Merchant relationships   $ 181,000  
Trade name     76,000  
Developed technology     71,000  
Goodwill     379,750  
  Total assets acquired   $ 707,750  

 

The purchase price consisted of the following:

 

Cash   $ 300,000  
Common stock     183,750  
Earn-out payable     224,000  
Total purchase price   $ 707,750  

 
Front Door [Member]
  
Purchase price allocations Sequence and Front Door Insights

 

Cash   $ 5,500  
Accounts receivable     27,467  
Contracts     813,000  
Customer relationships     22,000  
Developed technology     96,000  
Non-compete agreement     124,000  
Goodwill     1,535,658  
  Total assets acquired     2,623,625  
Liabilities assumed     (46,219 )
  Net assets acquired   $ 2,577,406  

 

The purchase price consists of the following:

 

Cash   $ 100,000  
Promissory note, net     1,365,096  
Common stock     1,112,310  
        Total purchase price   $ 2,577,406