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Business Combination (Tables)
12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Schedule of preliminary allocation of the purchase price

The following represents the allocation of the purchase price (as adjusted for measurement period adjustments):

 

Total purchase price - fair value of common stock issued

 

$

2,584,090

 

Fair value of tangible assets acquired:

 

 

 

 

Cash

 

$

1,367,211

 

Receivables

 

 

536,406

 

Inventory

 

 

881,273

 

Property and equipment

 

 

245,479

 

Other assets

 

 

359,587

 

Fair value of identifiable intangible assets acquired:

 

 

 

 

Customer relationships

 

 

1,094,000

 

Developed technology

 

 

458,000

 

Trademarks and tradenames

 

 

461,000

 

Fair value of goodwill

 

 

600,814

 

Deferred tax liabilities, net

 

 

129,095

 

Fair value of liabilities assumed

 

 

3,290,585

 

 

 

$

2,584,090

 

 

Schedule of unaudited pro forma financial information

The pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the acquisition occurred as of January 1, 2014 or that may be obtained in the future:

 

 

 

December 31,

Unaudited pro forma results

 

2015

Revenues

 

$

5,231,844

Net loss

 

$

(20,751,552)

Net loss per share

 

$

(2.52)