Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.3.1.900
Discontinued Operations (Tables)
12 Months Ended
Dec. 31, 2015
Discontinued Operations Tables  
Schedule of Allocation of Purchase Price

The allocation of the purchase price was as follows:

 

Intangible Assets        
a.  Domain and website   $ 591,229  
b.  Covenants not to compete     79,902  
Deferred tax liability     (117,741 )
Goodwill     1,146,610  
Total Purchase Price   $ 1,700,000  
Schedule of Discontinued Operations

The following table summarizes the results of operations of Franklin for the period February 23, 2015 up to December 31, 2015 and is included in the consolidated statements of operations as discontinued operations:

 

Revenues   $ 388,143  
Operating expenses     1,594,131  
Loss from operations     (1,205,988 )
Loss on rescission     (1,138,536 )
    $ (2,344,524