Annual report pursuant to Section 13 and 15(d)

2. Acquisitions (Tables)

v3.20.1
2. Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Purchase Price Allocation

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

 

Estimated Tangible and Intangible Net Assets    
Accounts receivable, net   $ 9,400   
Property and equipment   21,522   
Other current assets & Prepaid expenses   18,009   
IP/Technology/Patents   991,300   
Goodwill   2,022,489   
Total identifiable assets acquired   3,062,720   
Liabilities assumed   (62,720)  
Net assets acquired   $ 3,000,000   
Pro Forma Information

The pro forma financial information is not necessarily indicative of the operating results that would have occurred if the acquisition been consummated as of the date indicated, nor are they necessarily indicative of future operating results.

 

Mobivity Holdings Corp.
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Year Ended December 31, 2018
                     
               Pro Forma  
     Mobivity    Belly      Combined
                     
Revenues                    
Revenues   $ 11,556,536      $ 2,374,846        $ 13,931,382   
Cost of revenues     3,932,334        658,999          4,591,333   
Gross profit     7,624,202        1,715,847          9,340,049   
                     
Operating expenses                    
General and administrative     4,197,539        542,136          4,739,675   
Sales and marketing     3,931,469        71,543          4,003,012   

Engineering, research, and

development

     3,713,787        64,699          3,778,486   
Goodwill impairment     2,288,057        -          2,288,057   
Depreciation and amortization     486,255        18,926          505,181   
Total operating expenses     14,617,107        697,304          15,314,411   
                     
Income (loss) from operations     (6,992,905)       1,018,543          (5,974,362)  
                     
Other income/(expense)                    
Interest income     4,145        -          4,145   
Interest expense     (210,422)       -          (210,422)  
Gain on sale of fixed assets     (8,722)       -          (8,722)  
Other income     -        20,678          20,678   
Foreign currency (loss) gain     (7,745)       -          (7,745)  
Total other income/(expense)     (222,744)       20,678          (202,066)  
Income (loss) before income taxes     (7,215,649)       1,039,221          (6,176,428)  
Income tax expense     -        -          -   
Net Income (loss)     (7,215,649)       1,039,221          (6,176,428)  
Other comprehensive income (loss), net of income tax                    

Foreign currency translation

adjustments

     70,523        -          70,523   
Comprehensive income (loss)   $ (7,145,126)     $ 1,039,221        $ (6,105,905)  
Net loss per share:                    
Basic and diluted   $ (0.17)             $ (0.15)  
Weighted average number of shares:                    
Basic and diluted     42,133,368                42,133,368