Note 14 - Pro-Forma Operating Income for the Three Months Ended March 31, 2014 and 2013
 3 Months Ended
Mar. 31, 2014
Disclosure Text Block Supplement [Abstract]  
Subsequent Event, Pro Forma Business Combinations or Disposals [Text Block]

14. Unaudited Pro- Forma Operating Income for the Three Months Ended March 31, 2014 and 2013


The following table presents Unaudited Pro-Forma Operating Income (Loss) for the Company for the three months ended March 31, 2014 and 2013 based on the assumption that both Reach Media and Symon had been acquired on January 1, 2012. These results are not, however, intended to reflect actual operations of the Company had the acquisitions occurred 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.


   

Three Months

Ended March 31,

2014

   

Three Months

Ended March 31,

2013

 

Revenues

  $ 11,916,056      $ 14,437,155   

Cost of Revenues

     6,615,642        7,627,171  

Gross Profit

     5,300,414        6,809,984  

Operating Expenses

     13,438,507        9,968,352  

Operating Income (Loss)

     (8,138,093 )       (3,158,368 )