13.
Pro- Forma Operating Income for the Six Months Ended June 30,
2013 and 2012
The
following table presents Pro-Forma Operating Income (Loss)
for the Company for the six months ended June 30, 2013 and
2012 based on the assumption that both Reach Media and Symon
had been acquired on January 1, 2012. Operating expenses do
not included any acquisition related expenses. In addition,
the analysis includes the effect of the following entries
required under GAAP purchase accounting
guidelines:
|
|
●
|
Amortization
expense includes amortization of the fair value
Intangible Assets that were acquired.
|
|
|
●
|
Revenues
have been reduced due to an adjustment of deferred
revenue existing at the acquisition date to market
value at the acquisition date.
|
|
|
|
June
30,
2013
|
|
|
June
30,
2012
|
|
|
Revenues
|
|
|
32,920,646
|
|
|
|
32,465,262
|
|
|
Cost
of Revenues
|
|
|
17,228,975
|
|
|
|
15,303,041
|
|
|
Gross
Profit
|
|
|
15,691,671
|
|
|
|
17,162,221
|
|
|
Operating
Expenses
|
|
|
25,041,396
|
|
|
|
19,080,510
|
|
|
Operating
Income (Loss)
|
|
|
(9,349,725
|
)
|
|
|
(1,918,289
|
)
|
|
Operating expenses in 2013 include $4,135,316 of
acquisition expenses.
|
|