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Business Combinations (Details) (Soft-ex Communications Limited [Member], USD $)
1 Months Ended
May 01, 2014
Soft-ex Communications Limited [Member]
 
Business Combination Segment Allocation [Line Items]  
Cash consideration $ 5,000,000 [1]
Contingent subordinated unsecured loan note payable consideration 1,000,000 [2]
Net working capital escrow adjustment to consideration paid 0 [3]
Fair value of consideration paid $ 6,000,000
[1] The Company used operating cash on hand of $5.0 million, of which $4.35 million was released to the seller upon closing of the transaction and the remainder was delivered into escrow. Under the terms of the escrow agreement, the funds shall be released (subject to satisfaction of the terms of the escrow agreement) in two amounts with the first release of $0.15 million on or about May 1, 2015 and the second release of $0.5 million on or about August 1, 2015. The release of funds held in escrow may be subject to adjustment based on final net working capital as described in (3) below.
[2] The Company issued a subordinated unsecured loan Note in the principal amount of $1.0 million to satisfy the remainder of the purchase price. This is a US dollar denominated obligation. The Note accrues interest at the annual rate of 3% and provides for a lump sum payment of principal and interest on May 31, 2015; provided however that in the event that SCL fails to generate gross revenue for the three (3) months ending April 30, 2015 that is at least equal to 75% of the gross revenue generated by SCL for the three (3) months immediately preceding the acquisition of SCL, then the full face value of the Note shall be abrogated and all obligations of WGS under the Note shall be cancelled and waived. The principal amount may be subject to adjustment based on final net working capital as described in (3) below.
[3] Purchase consideration may be adjusted further upon determination of final net working capital as of May 1, 2014. Upon receipt of final net working capital the Company will determine the adjustment, if any, to purchase consideration. Under the terms of the Agreement there is a minimum required net working capital of €0.5 million ($0.7 million). The closing balance sheet shall be prepared in accordance with Irish GAAP within a reasonable period of time after the transaction close. To the extent the final closing net working capital results in a short fall of $50,000 (€36,150) or less, this shortfall shall be released to the Company from the second release tranche. If the net working capital shortfall is greater than $50,000 (€36,150), the Company shall offset this amount against the subordinated unsecured loan note as described in (2) above. To the extent the final closing net working capital results in a surplus of $50,000 (€36,150) or less, this surplus shall be paid into escrow by the Company into the second release tranche. If the net working capital surplus is greater than $50,000 (€36,150), the Company shall increase the subordinated unsecured loan note by the amount of the surplus.