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Acquisitions (Details Narrative) (USD $)
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Sep. 30, 2012
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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 and was repaid in full as discussed in Note 6; is secured by the acquired assets of the Mobivity business; and is subordinated to the Company’s obligations under its outstanding 10% Senior Secured Convertible Bridge Notes due October 15, 2012. |
| Acquisition, Notes issued | 606,064 |
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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) and was repaid in full as discussed in Note 6; is secured by all of the assets of Mobivity, Inc. and is subordinated to the Company’s obligations under its outstanding 10% Senior Secured Convertible Bridge Notes due October 15, 2012. |
| 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 Company’s 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 Company’s 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 earn-out payable | 2,739,399 |
| Shares issued for earn-out payable | 1,826,266 |
| Shares held in escrow | 50.00% |
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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 Company’s obligations under its outstanding 10% Senior Secured Convertible Bridge Notes due October 15, 2012. |
| Acquisition, Notes issued | 194,658 |
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TxtstationMember
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| Acquisition, Shares issued | 2,125,000 |
| Acquisition, Cash paid | 26,184 |
| Acquisition, Scheduled payment | $ 250,000 |
| Acquisition, Description |
The purchase price for the acquisition was 2,125,000 shares of the Company’s common stock, $26,184 in cash at closing and $250,000 of scheduled cash payments. The $250,000 of scheduled cash payments is 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. |