5. BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisitions Tables

Acquisition

Fair Value of Consideration Transferred
Cash	$	5,804,240
Issuance of shares of common stock		48,974,558
	$	54,778,798
Assets Acquired and Liabilities Assumed
Cash	$	136,165
Accounts receivable		212,331
Inventory		234,656
Prepaids and other current assets		100,548
Furniture and equipment		47,772
Tradename		6,591,000
Customer relationships		4,098,000
Accounts payable and accrued expenses		(221,210	)
Revolving line of credit		(330,322	)
Long-term debt		(45,577	)
Deferred tax liability		(2,513,440	)
Other liabilities		(72,994	)
Total identifiable net assets		8,236,929
Goodwill		46,541,869
Total fair value of consideration	$	54,778,798

Fair Value of Consideration Transferred
Cash	$	10,000,000
Issuance of shares of common stock		108,600,000
Short term promissory notes		15,000,000
	$	133,600,000
Assets Acquired and Liabilities Assumed
Cash	$	177,786
Accounts receivable		1,730,151
Inventory		18,045,580
Prepaids and other current assets		990,289
Furniture and equipment		1,230,774
Tradename		20,375,000
Customer relationships		47,280,000
Accounts payable and accrued expenses		(2,484,203	)
Deferred tax liability		(25,441,968	)
Other liabilities		(11,134,042	)
Total identifiable net assets		50,769,367
Goodwill		82,830,633
Total fair value of consideration	$	133,600,000

Fair Value of Consideration Transferred
Cash	$	20,396,767
Issuance of shares of common stock		15,525,000
Contingent earn-out		5,000,000
Short term promissory notes		11,000,000
	$	51,921,767
Assets Acquired and Liabilities Assumed
Cash	$	14,698,409
Accounts receivable		426,243
Inventory		2,379,159
Prepaids and other current assets		1,315,212
Furniture and equipment		249,863
Tradename		11,025,000
Customer relationships		13,865,000
Domain name/website		1,235,000
Accounts payable and accrued expenses		(4,301,751	)
Deferred tax liability		(6,008,750	)
Total identifiable net assets		34,883,385
Goodwill		17,038,382
Total fair value of consideration	$	51,921,767

Fair Value of Consideration Transferred
Cash	$	5,000,000
Issuance of shares of common stock		18,675,000
	$	23,675,000
Assets Acquired and Liabilities Assumed
Accounts receivable	$	1,786,232
Inventory, net		987,855
Prepaids and other current assets		290,264
Non-compete agreements		420,000
Customer relationships		6,075,000
Trademark		6,045,000
Total identifiable net assets		15,604,351
Goodwill		8,070,649
Total fair value of consideration	$	23,675,000

Pro forma results of operations

	Unaudited Pro Forma Information
	Year Ended
	December 31,			December 31,
	2014			2013
Net revenue	$	76,291,095		$	98,568,106
Loss from operations	$	(36,261,545	)	$	(4,848,541	)