Acquisitions (Details Narrative) (USD $)
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Jun. 30, 2012
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TxtstationMember
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Acquisition, Shares issued | 2,125,000 |
Acquisition, Cash paid | $ 26,184 |
Acquisition, Scheduled payment | 25,000 |
Acquisition, Description | The $250,000 of scheduled cash payments are due as follows: $25,000 payable on the 60th day following closing and the balance is payable in $25,000 installments at the end of each of the next nine 30-day periods thereafter. |
MobivityMember
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Acquisition, Shares issued | 1,000,000 |
Acquisition, Cash paid | 64,969 |
Acquisition, Description | The promissory note earns interest at 6.25% per annum; is payable in six quarterly installments of $105,526 (inclusive of interest) starting May 1, 2011; matures on August 1, 2012; is secured by the acquired assets of the Mobivity business; and is subordinated to the Companys obligations under its outstanding 10% Senior Secured Convertible Bridge |
Acquisition, Notes issued | 606,064 |
BoomtextMember
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Acquisition, Shares issued | 519,540 |
Acquisition, Cash paid | 120,514 |
Acquisition, Description | This note earns interest at 6.25% per annum; is payable in full on May 25th, 2012 (original maturity March 31, 2012 was extended); is secured by all of the assets of CommerceTel, Inc. and is subordinated to the Companys obligations under its outstanding 10% Senior Secured Convertible Bridge Notes due October 15, 2012 (see Note 6); (iv) an unsecured subordinated promissory note in the principal amount of $194,658 issued by CommerceTel, Inc. |
Acquisition, Notes issued | 175,000 |
Acquisition, Description of earn-out payment | an earn-out payment (payable 20 months after closing of the transaction) of a number of shares of common stock of the Company equal to (a) 1.5, multiplied by the Companys net revenue from acquired customers and customer prospects for the twelve-month period beginning six months after the closing date, divided by (b) the average of the volume-weighted average trading prices of the Companys common stock for the 25 trading days immediately preceding the earn-out payment (subject to a collar of $1.49 and $2.01 per share). |
Value of ean-out payable | 2,581,456 |
Shares issued for earn-out payable | 4,375,350 |
Shares held in escrow | 50.00% |
BoomtextMember | UnsecuredDebtMember
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Acquisition, Description | This note does not bear interest; is payable in installments (varying in amount) from August 2011 through October 2012; and is subordinated to the Companys obligations under its outstanding 10% Senior Secured Convertible Bridge Notes due October 15, 2012 (see Note 6); |
Acquisition, Notes issued | $ 194,658 |